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
The loan refinances a five-property logistics portfolio which includes over 4.52MM Square Feet of Class A
logistics properties 100% leased to investment grade credit tenants with 13 years of lease term.
WASHINGTON, DC – November 13, 2024 – PRP, one of the leading investment management firms focused on credit net lease investments, announced today that it has closed on a $291MM Single-Asset, Single-Borrower CMBS loan backed by a five-property logistics portfolio. The loan, underwritten by J.P. Morgan and arranged by Eastdil Secured, includes 4.52MM square feet of newly constructed Class A distribution centers fully leased to investment grade tenants. Tenants in the portfolio include (i) a global on-line retailer, (ii) one of the largest home improvement companies in the United States and (iii) a leading global manufacturer of power tools. The five properties are located within strong distribution markets including Houston, TX, Greenville-Spartanburg, South Carolina, St. Louis, Illinois and Birmingham, Alabama.
Paul C. Dougherty, President of PRP, stated, “We were pleased to have worked with J.P Morgan as the underwriter of this financing. These five properties are well-located within major national distribution markets. The properties are built to the highest modern development standards with heavy emphasis on ESG considerations. The quality of the portfolio is exemplified by CRG’s ability to attract top-tier corporate users at each property.”
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
A Seasoned Professional Bringing Significant Real Estate Investment Experience to PRP
WASHINGTON, DC – APRIL 30, 2024. PRP, a real estate investment management company headquartered in Washington, DC, announced today that it has hired Matt Serenius as Director of Multifamily Acquisitions and Investments. In his new capacity, Mr. Serenius will spearhead the acquisition of multifamily investments for PRP’s balance sheet.
“We are excited to make this important strategic hire to further build upon our talented team as we embark on an interesting new phase of the commercial real estate cycle,” said Paul Dougherty, President of PRP. “Matt is an extremely accomplished commercial real estate professional, and we look forward to benefiting from his expertise as we navigate the evolving real estate investment climate here in the United States.”
Mr. Serenius commented, “PRP has an impressive investment history in multiple sectors, and a great following from some of the largest lenders and investors across the globe. I am excited to join PRP at this interesting time in our industry and look forward to leveraging my experience in the sector to take advantage of incredible buying opportunities in the coming cycle.”
Matt will be based in Washington, DC and will be responsible for growing PRP’s multifamily investment platform. Mr. Serenius brings 20 years of industry experience with $2.0 billion of multifamily assets closed across 40 transactions in major markets. Prior to PRP, Mr. Serenius ran the Washington, DC office for Akelius, assembling a 3,000 unit portfolio valued at over $1B, with full P&L oversight including the management of 80 employees. Prior to Akelius, Mr Serenius held acquisition and development roles at Fairfield Residential and Fore Property Company.
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 include the headquarters for Honeywell, Broadcom, Cencora/AmerisourceBergen, Pioneer Natural Resources and FedEx Office, and logistic facilities for Amazon, Lowe’s, Techtronics and VW. Founded in 2005, PRP executes value add strategies and asset manages a national portfolio of assets on behalf of its institutional investors, family offices and financial institutions. 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 invested in 56 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