Penzance has acquired Gateway & Linden, a six-building industrial portfolio totaling 212,086 sq. ft in Manassas, Va. A partnership owned by Davin Holdings and The Davis Cos. offered the properties for $55 million.
The portfolio consists of two industrial parks. Linden Enterprise Heart is at 7245-7795 Coppermine Drive. The 109,809-square-foot property was inbuilt 2001 and presently has 9 tenants. Gateway Centre is at 7201-7401 Gateway Court docket. The 102,277-square-foot property was inbuilt 1988 and presently has eight tenants.
Gateway & Linden is close to the guts of the nation’s No. 2 hub for information heart actual property absorption, based on CBRE’s information heart traits report, the place high-quality industrial flex property have gotten more and more scarce.
The buildings are positioned to serve warehouse customers supporting the info heart business and the 8.5 million sq. ft of information heart area presently there. Knowledge heart actual property inside Prince William County is estimated to extend to 80 million sq. ft over the subsequent decade.
READ ALSO: Manufacturing Surge Drives Industrial Growth
Important roadways Route 29/I-66 hall, Interstate 66, Prince William Parkway and Balls Ford Highway are conveniently near the Gateway & Linden portfolio.
A supply-constrained market
There are solely 188,000 sq. ft of general industrial product presently below building, all scheduled to ship in the course of the first half of 2025, based on CBRE’s Northern Virginia fourth-quarter industrial report.
Nothing broke floor in Northern Virginia within the fourth quarter. A number of Class A properties are anticipated to start building in early 2025.
“This acquisition of Gateway & Linden secures a major industrial asset in Northern Virginia the place industrial-zoned land is quickly changing into scarce and present properties are redeveloped for different makes use of,” Lauren Kowall, senior vice chairman of investments at Penzance, advised Industrial Property Government.
“Our technique focuses on remodeling vacant office-heavy areas into higher-demand industrial services, positioning the property to capitalize on the rising want for warehouse area amid rising challenges to new industrial improvement.”
JLL’s Mid-Atlantic Capital Markets staff, together with Invoice Prutting, Craig Childs and Chris Dale, had been the only advisors on the sale transaction. JLL’s metro D.C. industrial staff will lead leasing.
“Manassas stands out as a novel industrial market going through a shrinking provide of conventional industrial area, pushed by the unprecedented surge in information heart improvement over the previous three years,” Prutting advised CPE.
“This pattern has considerably elevated the long-term worth of properties like Gateway & Linden, as long-established regional tenants search new places because of the redevelopment of their present websites.”
