Virginia Acquisition Grows Penzance’s Industrial Portfolio

Penzance, a leading owner, operator, developer and investor in the Mid-Atlantic region, announced today the acquisition of Gateway & Linden, a six-building industrial portfolio totaling 212,086 square feet in Manassas, Virginia. The $55 million acquisition, completed this month, adds to Penzance’s growing industrial portfolio and reinforces its commitment to strategic investment across commercial real estate asset classes.

Gateway & Linden, acquired from a partnership owned by Davin Holdings and The Davis Companies, consists of two industrial flex parks:

• Gateway Centre: Located at 7201-7401 Gateway Court, the 102,277-square-foot property was built in 1988.
• Linden Business Center: Located at 7245-7795 Coppermine Drive, the 109,809-square-foot property was built in 2001.

Lauren Kowall, Senior Vice President of Investments at Penzance, said, “This acquisition aligns with our strategy to expand in high-demand industrial markets and capitalize on our in-house expertise to drive long-term value. 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.”

The Gateway & Linden portfolio presented a compelling investment opportunity for Penzance due to its prime location in Manassas, a high-demand industrial submarket with strong regional connectivity. The property is strategically located in the Route 29/I-66 corridor, offering direct access to Interstate 66, Prince William Parkway, and Balls Ford Road, enabling seamless and efficient distribution throughout the D.C. metro area. Its location within Prince William County also positions it to serve warehouse users supporting the data center industry, where over 8.5 million square feet of data center currently exists, which is projected to increase to 80 million square feet over the next decade, further enhancing its long-term value.

Penzance aims to lease current and upcoming vacancies ranging between 6,000 and 33,000 square feet, as well as convert office-heavy suites to industrial use by raising dropped ceilings and adding dock doors. Penzance’s in-house property management team will oversee operations, driving efficiencies and value creation.

Working closely alongside the Penzance team, JLL's Metro DC Industrial Team has been selected to spearhead the leasing efforts for the project. Leveraging their extensive market knowledge and proven track record in the industrial sector, the team will be responsible for marketing the property and securing blue chip tenants.

Dan Coats, senior managing director at JLL, added, "We are thrilled to partner with such a dedicated and hands-on local owner. Penzance’s commitment to the community aligns perfectly with our approach to delivering tailored, high-touch solutions. Together, we look forward to bringing these exceptional properties to market and creating value for both the ownership and future tenants."

This acquisition expands Penzance’s industrial portfolio and strengthens its growing industrial development pipeline. JLL’s Mid-Atlantic Capital Markets team, including Bill Prutting, Craig Childs and Chris Dale served as the sole advisors on the sale transaction.

Bill Prutting, senior managing director of Capital Markets, said, “JLL is tracking over 7 million square feet of industrial tenant displacement driven primarily by data centers. Given this trend, the Gateway & Linden portfolio is exceptionally well-positioned. It's poised to retain current tenants who already supply goods and services to data centers, while also attracting new tenants ready to meet market rental rates in Manassas.”

For more information, visit www.pzre.com.

About Penzance

Penzance is a fully integrated real estate owner, operator, and developer with a best-in-class institutional investor base, and a track record of success for over a quarter of a century investing across the Mid-Atlantic in multifamily, industrial, data center, and other commercial assets. Penzance has managed over $4.0 billion of gross asset value over its history and today manages over $1 billion of discretionary capital through multiple fund vehicles. Penzance is a woman-owned firm with an experienced and diverse team that takes an entrepreneurial and flexible approach, focused on rigorous investment analysis and risk management. The team’s core competencies include acquisitions, development, asset management, leasing, property and construction management, capital markets, and portfolio and fund management.

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