The property is a $185MM fully funded Joint Venture with Flint Development

WASHINGTON, DC – August 17, 2022 – PRP, one of the leading investment management firms focused on credit net lease investments, announced today that it has closed the acquisition of a 1.85MM square foot Class A distribution center development that, once complete, will be fully leased and occupied to an affiliate of Techtronic Industries Co. Ltd. (“Techtronic”). The total capitalization of the development is $185MM and will be fully completed by the fourth quarter of 2023.

The tenant in this facility will be Hart Consumer Products, a subsidiary of Techtronic. Techtronic is a leading worldwide consumer products company included in the Hang Seng Index of top 50 largest public companies in Hong Kong.  Techtronic maintains a powerful brand portfolio including MILWAUKEE, RIYOBI and HOOVER. These brands are leaders in the cordless power tools, accessories, floorcare and the do-it yourself segments. 

The Property will be a state-of-the-art distribution center built to modern Class A property specifications including cross-dock loading configuration, 40-foot clear heights, 338 dock doors, a 185-foot truck court, and 835 spaces of excess trailer parking on 178 acres of land.

Joseph Neckles, PRP’s Managing Director and Head of Net Lease Investments stated, “This acquisition meets all of PRP’s most important investment criteria including new construction, a long-term net lease, a high investment grade credit quality tenant and location within a strong US logistics market. We are thrilled to work with Flint Development on this build-to-suit and look forward having Techtronic as our tenant in the property. This is the second logistics facility that PRP owns with Techtronic as a tenant”.

Greenville-Spartanburg is widely recognized as a critical market within the broader US supply chain. The property’s location in Moore, South Carlina is strategically proximate to Greenville-Spartanburg International Airport and Inland Port Greer, which offers direct rail connection to the Port of Charleston. In addition to Techtronic, major nearby corporate occupiers include the largest BMW manufacturing facility in the world as well as Walmart’s recently announced $450 Million high-tech grocery distribution center.

About PRP

PRP is a real estate investment management company with a focus on mission-critical logistics and corporate headquarters facilities leased to investment-grade companies on a long-term basis, investments in Opportunity Zones, investments in existing data centers and land zoned for data center use, value-add multifamily apartments and value-add office. Founded in 2005, PRP executes these strategies and asset manages a national portfolio of assets on behalf of its institutional investors, family offices and financial institutions. 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 acquired, developed, or invested in 46 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 www.prprei.com.

CONTACT: Colleen Ramsey, PRP LLC; 202-741-8400

                

               

      

WASHINGTON, DC – May 16, 2022 – PRP announced today that Tamara (“Tami”) Axelrod has been appointed as Head of Responsible Investment at PRP. In this role, Tami will implement PRP’s Responsible Investment strategy on owned assets and prospective investments.

This new role represents PRP’s continuing commitment to building a more sustainable future through our investment and asset management strategies. One of PRP’s core objectives is to reduce our assets’ carbon footprint while driving investor value through the implementation of ESG-focused initiatives. PRP believes that all assets can be developed or improved upon to reduce their operational emissions while generating clean energy, making these assets as environmentally sound as possible. The result will be a more sustainable future and enhanced returns on our investments.

Tami Axelrod joined PRP in 2017 and has overseen the Asset Management division of the firm. Ms. Axelrod received a BA from the University of Pittsburgh and a Master of Real Estate Development from the University of Maryland.

Paul C. Dougherty, President of PRP, stated, “We are excited for Tami to take the lead on Responsible Investment at PRP. We believe this will be a terrific role for Tami while filling a need that has become paramount for all real estate investors.”

About PRP

PRP is a real estate investment management company with a focus on mission-critical logistics and corporate headquarters facilities leased to investment-grade companies on a long-term basis, investments in Opportunity Zones, investments in existing data centers and land zoned for data center use, value-add multifamily apartments and value-add office. Founded in 2005, PRP executes these strategies and asset manages a national portfolio of assets on behalf of its institutional investors, family offices and financial institutions. 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 acquired, developed or invested in 46 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 www.prprei.com.

CONTACT:      Colleen Ramsey, PRP, LLC, 202-741-8400,

Provision would likely end complex practice overseas buyers use to lower tax bills

https://www.wsj.com/articles/bidens-build-back-better-bill-targets-foreign-real-estate-investors-tax-moves-11640091603?st=5jfq5y5o96jmak3&reflink=desktopwebshare_permalink

WASHINGTON, DC – December 21, 2021 – PRP, LLC announced today that it has acquired the global headquarters for Honeywell International Inc. (NYSE: HON). The property, dubbed the smartest building in the world given the advanced Honeywell technology implemented in the design, was acquired for $275MM.

Honeywell’s new headquarters, which is located in Charlotte’s Central Business District, consists of 373,921 SF across 23 stories. Developed by a partnership between Lincoln Harris and Goldman Sachs Asset Management, the building is a newly constructed state-of-the-art office tower with unparalleled views of downtown Charlotte and the adjacent Bank of America Stadium, home to the Carolina Panthers. The design showcases proprietary state-of-the-art Honeywell technology, supported by a unit within the company that develops building-management systems, including energy conservation, enhanced security systems, surveillance, health monitoring, air quality measuring and network-based infrastructure. The property will house up to 1,300 Honeywell employees. The Property includes ground floor retail, terraces on the 22nd & 23rd floors, a podium parking garage with 814 spaces, and integrated Honeywell technologies throughout. The headquarters will house Honeywell’s corporate functions, including executive offices, human resources, IT, marketing, and legal. The Charlotte location will also serve as the headquarters for Honeywell’s Safety and Productivity Solutions business.

“This incredible building adds to the first-rate roster of PPR’s net lease office assets, the highest quality headquarters properties in the United States”, said Paul Dougherty, President of PRP. “This is a big deal for the city of Charlotte. Honeywell moved from New Jersey and chose Charlotte over several competitive sunbelt cities. We are incredibly thrilled to have worked with the Lincoln Harris and Goldman team through this process and to include Honeywell in the roster of our blue-chip Fortune 500 investment-grade tenants.”

Honeywell International Inc. is a technology and manufacturing company. The Company operates through four segments: Aerospace, Honeywell Building Technologies, Performance Materials and Technologies, and Safety and Productivity Solutions. The Company's Aerospace segment supplies products, software and services for aircraft and vehicles that it sells to original equipment manufacturers (OEMs) and other customers. The Honeywell Building Technologies segment provides products, software, solutions and technologies that helps building owners and occupants to ensure their facilities are safe, energy efficient, sustainable and productive. The Performance Materials and Technologies segment is engaged in developing and manufacturing performance chemicals and materials, process technologies and automation solutions. The Safety and Productivity Solutions segment is engaged in providing products and software to customers that manage productivity, workplace safety and asset performance

About PRP

PRP is a real estate investment management company with a focus on mission-critical logistics and corporate headquarters facilities leased to investment-grade companies on a long-term basis, investments in Opportunity Zones, investments in existing data centers and land zoned for data center use, value-add multifamily apartments and value-add office. Founded in 2005, PRP executes these strategies and asset manages a national portfolio of assets on behalf of its institutional investors, family offices and financial institutions. 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 acquired, developed or invested in 46 assets with a value in excess of $5 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 www.prprei.com.

CONTACT:   Colleen Ramsey, PRP, LLC, 202-741-8400

Mr. O’Shields brings over 20 years of experience in real estate finance and accounting from both public and private real estate investment companies

WASHINGTON, DC – April 11, 2022 – PRP announced today that Trey O’Shields has joined the firm as its new Chief Financial Officer. In his new role at PRP, Trey will be responsible for oversight of financial planning and analysis, financial reporting, tax, audit, and accounting. Trey has over 20 years of experience in real estate finance and accounting in both public and private real estate investment companies

Prior to joining PRP, Trey served as Chief Financial Officer of Bonaventure where he had oversight of FP&A, investor relations, Risk management, tax planning and accounting for Bonaventure and its newly formed REIT, where he served on the board and investment committee. Prior to joining Bonaventure, Trey served as Chief Financial Officer of Stonebridge Companies, a privately held hospitality owner, operator, and developer. At Stonebridge he led all property, corporate, and tax accounting functions in addition to raising debt and equity capital. Prior to Stonebridge, Trey served as Treasurer at UDR, Inc. (NYSE: UDR) a publicly traded apartment REIT included in the S&P 500 index. While at UDR, he oversaw a balance sheet initiatives resulting in a rating upgrades from Standard and Poor’s and Moody’s. Prior to UDR, he served as Vice President of Securities and Debt at Apartment Investment and Management Company (AIMCO) (NYSE: AIV). Trey received his BSBA International Business from the University of Denver, and an MBA in Finance from the University of Colorado.

Paul C. Dougherty, President of PRP, stated, “We are very excited to have someone of Trey’s caliber and experience join us at PRP. Trey brings an incredible and diverse background to the firm as we continue to grow our platform.”

About PRP

PRP is a real estate investment management company with a focus on mission-critical logistics and corporate headquarters facilities leased to investment-grade companies on a long-term basis, investments in Opportunity Zones, investments in existing data centers and land zoned for data center use, value-add multifamily apartments and value-add office. Founded in 2005, PRP executes these strategies and asset manages a national portfolio of assets on behalf of its institutional investors, family offices and financial institutions. 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 acquired, developed or invested in 46 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 www.prprei.com.

CONTACT:      Colleen Ramsey, PRP, LLC

                         202-741-8400,

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