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Latest NewsPenzance Makes $55M Industrial Buy In Manassas Area
D.C. real estate company Penzance has acquired a six-building industrial portfolio in the Manassas area and retained JLL to market available space.
Penzance closed this week on the $55 million purchase of Gateway Centre and Linden Business Center, two industrial flex parks that total 212,086 square feet. The seller is a partnership between Davin Holdings and The Davis Cos.
Gateway Centre, located at 7201-7401 Gateway Court, was built in 1988 and spans 102,277 square feet, while Linden Business Center, located at 7245-7795 Coppermine Drive, was built in 2001 and totals 109,809 square feet.
Penzance said it aims to lease the properties’ current and upcoming vacancies, which range between 6,000 square feet and 33,000 square feet. It also said it intends to convert office-heavy suites in the buildings to industrial use by raising dropped ceilings and adding dock doors.
Penzance has brought on JLL’s metro D.C. industrial team to oversee leasing. Penzance’s in-house management team will take over operations of the industrial parks.
“In this supply-constrained Northern Virginia market, high-quality industrial flex assets like these are becoming increasingly scarce, making this a particularly valuable addition to our portfolio,” Lauren Kowall, […] read more
Vida Fitness Signs On For 27K SF At Penzance’s Rosslyn Development
Penzance celebrated the groundbreaking Wednesday of its three-building, mixed-use development in Western Rosslyn and announced its anchor retail tenant.
Vida Fitness signed a 15-year lease for 27K SF of the development’s ground-floor retail space at the 1555 Wilson Blvd. project, a Penzance spokesperson said. Vida Fitness founder David Von Storch was on hand at the groundbreaking to celebrate with the development team.
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John Kusturiss of DC’s Penzance Takes CO to The Highlands
Washington, D.C.-based developer Penzance is off to the races with its 1.2-million-square-foot mixed-use development in West Rosslyn, Va., now named The Highlands. In September, the firm closed a $380 million construction loan with Mack Real Estate Credit Strategies for the three-tower luxury project—located just across…
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Penzance Closes Its First Private Equity Fund With $255M Raised
Penzance, a D.C.-based developer embarking on a three-building Rosslyn mixed-use development, has just raised over a quarter of a billion dollars to invest in that project and others.
The development and management firm announced Wednesday it closed on its first real estate private equity fund in its 22-year history with $255M in total investment.
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Rosslyn development The Highlands breaks ground
Developer Penzance will officially break ground Oct. 24 on the latest big development in Rosslyn, one that will add three new residential towers to the skyline.
The development will be called The Highlands, a nod to its geographic location at the top of the hill at 1555 Wilson Blvd., near the newly redeveloped Rosslyn Highlands Park.
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