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, senior vice president of investments at Penzance, said in a statement.
Penzance highlighted the properties’ regional connectivity and their ability to serve warehouse users supporting Prince William County’s data center industry.
JLL’s mid-Atlantic capital markets team, including Bill Prutting, Craig Childs and Chris Dale, served as the sole advisers in the sale of the properties.
Florida-based Davin Holdings is an owner and operator of industrial properties in the D.C. area and Florida founded in 2022 by former University of Virginia football teammates Hank Dudgeon and Marc Yavinsky. Boston-based Davis Cos. is a 49-year-old real estate developer and manager with 46 buildings in its industrial portfolio, which is a smaller segment of its business.
