PRP Achieved a Record Price for this 40 Acre Development
November 14, 2024. WASHINGTON, DC. PRP, a real estate investment management company headquartered in Washington, DC, announced today that it has sold itsNorthern Virgina data center property located in Prince William County, VA to Iron Mountain Inc. (NYSE: IRM). The total consideration of the transaction was $113.5MM, or $2,837,500 per acre.
The 40-acre site of heavy industrial-zoned land, known as Manassas Point,was assembled by PRP in 2022 -2023. Upon acquiring the three separately owned, contiguous properties, PRP conceived and developed plans for a 1.1 million SF state-of-the-art data center campus withan onsite300MW substation. The firm successfully navigated a challenging zoning approval process, consolidating three industrial parcels into one, while simultaneously obtaining County approvals to increase allowable building height to accommodate PRP’s three-story design. PRP also worked closely with NOVEC and Dominion Power to secure an expedited power and equipment delivery schedule to achieve PRP’s aggressive development timeline.
Manassas Pointis located in the industrial heart of Manassas, VA. It is situated in close proximity to Iron Mountain’s other Data Centers in the County. The Northern Virgina Data Center market (predominantlyLoudoun and Prince Willam Counties) is the largest Data Center market in the Country and is responsible for processing 70% of the world’s Data Center traffic flow.
“We are very excited and proud to have orchestrated this complicated project in a very challenging Data Center environment,” said Steve Muller, Managing Director at PRP, who led this investment for the firm. “Importantly, this is a win/win transaction for everybody and will bring significant economic development to Prince William County while strengthening Iron Mountain’s development pipeline and commitment to the Manassas community.”
ABOUT PRP
PRP is a real estate investment management company with a focus on mission-critical corporate headquarters facilities leased to investment-grade companies, logistic facilities, high-street retail properties, multifamily apartment communities, data centers and office properties. PRP’s portfolio of corporate headquarters facilities includes the headquarters for Honeywell, Broadcom, Cencora/AmerisourceBergen, Exxon/Pioneer Natural Resources and FedEx Office, and logistic facilities for Amazon, Lowe’s, Techtronics and VW. PRP is also an active multifamily investor, and active in data centers and Special Situation investing. Founded in 2005, PRP executes value add strategies across all sectors and asset manages a national portfolio of assets on behalf of its institutional investor, family office and financial institution investor partners. PRP manages its apartment investments through PRP REM, its property management subsidiary, which is solely focused on PRP’s portfolio of apartment properties. PRP has proven expertise in selecting and managing attractive risk adjusted real estate investments located in major markets throughout the United States. Since its formation, the company has developed or invested in over 60 assets with a value in excess of $6 Billion in all property sectors. PRP is privately held and is headquartered in Washington, DC. PRP is a creative buyer and seller of real estate and considers a variety of equity and debt investment structures. For more information on PRP, please visit PRPREI.COM.
CONTACT:
Colleen Ramsey
PRP, LLC
202-741-8400