WASHINGTON, DC – October 4, 2022 – PRP announced today that it has formed a joint venture with KDC of Dallas, TX to build the new Gulf Coast Vehicle Terminal for Volkswagen Group of America (VWGoA). The new Gulf Coast hub, once completed, will sit on 120 acres in Freeport, Texas. The project is expected to break ground in October and will be operational in early 2024. Total project cost is estimated to be $114MM.

The new hub will consolidate VWGoA’s current port operations in Houston and Midlothian. When completed, the facility will include several service buildings totaling over 200,000 square feet and asphalt parking for over 16,000 vehicles, trucks, and railcars. The property will enable Volkswagen to import approximately 140,000 vehicles per year from its production hubs in Mexico and Europe, serving nearly 300 retail dealers in the United States. The new hub will also allow utilization of low-emission LNG vessels, supporting Volkswagen’s goal to improve the environmental footprint of its global logistics and enhancing PRP’s commitment to ESG initiatives.

“We are thrilled with our new partnership with VWGoA. This transaction adds another blue-chip company to PRP’s growing list of first-class tenants,” said Paul Dougherty, President of PRP. “This asset perfectly complements PRP’s net lease portfolio of newer construction facilities leased by high quality investment grade tenants on a long-term basis in strong US logistics markets. We look forward to working with KDC to build this facility for VWGoA.”

The venture between PRP and KDC has entered into a long-term ground lease with Port Freeport, while Volkswagen Group of America will lease the new hub from the venture on a 20-year commitment.

Given its coastal location in Texas, Freeport is a critical logistic market within the United States. The Port has been an increasingly important player especially in the vehicle import/export space. Today, Port Freeport manages over 30 large vehicle ships a month. Global carriers offering roll on/roll off cargo services at the port include Hoegh Autoliners, Glovis, Liberty Global Logistics, Sallaum, and Grimaldi Lines. Companies such as Amports, Ports America, and Red Hook Terminals already have vehicle logistics operation terminals at the port as a result of these global services.

JLL, Volkswagen Group of America’s exclusive real estate partner, assisted VWGoA in the site selection process for a consolidated port facility along the Gulf of Mexico.

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 over 50 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.

About KDC

KDC is a leading corporate development and investment firm for companies across the country. For more than 30 years, KDC has produced approximately 33 million square feet valued at over $9 billion. KDC addresses the future of Corporate America by developing walkable, mixed-use urban environments anchored by notable clients. Beyond corporate office, the firm specializes in data center and broadcast studio build-to-suits. KDC's portfolio includes developments for FedEx, J.P Morgan Chase, Liberty Mutual, Raytheon, State Farm (Dallas and Atlanta offices), and Toyota North America. KDC is headquartered in Dallas and is supported by a national team with offices in Atlanta and Charlotte, North Carolina.

About Volkswagen Group of America, Inc.

Volkswagen Group of America, Inc. (VWGoA) is a wholly owned subsidiary of Volkswagen AG (“Volkswagen Group”), one of the world’s leading automobile manufacturers and the largest carmaker in Europe. VWGoA houses the U.S. operations of a worldwide family of distinguished and exciting brands including Audi, Bentley, Bugatti, Lamborghini, and Volkswagen. Volkswagen Group of America Chattanooga Operations, LLC, a wholly owned subsidiary of VWGoA, operates a state-of-the-art assembly facility in Chattanooga, Tennessee, while VW Credit, Inc., another wholly owned subsidiary of VWGoA, provides financial services. VWGoA’s headquarters are in Herndon, Va. The company has approximately 8,000 employees in the United States, and sells its vehicles through a network of approximately 1,000 independent dealers.

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

WASHINGTON, DC – September 26, 2022 – PRP announced today that it has hired Matt McCoy as Managing Director of Net Lease Investments.


“We are excited to make this important strategic hire and further build upon our talented net lease team as we continue to grow our platform”, said Paul Dougherty, President of PRP. Matt is an extremely accomplished commercial real estate investor and corporate finance banker that has specialized in the net lease space for his entire career. We look forward to benefiting from his leadership and experience in this sector”.


PRP is a leader in corporate Net Lease investing, having invested in 27 Net Lease investments for over $3.5B in total capital invested, encompassing 12.5MM square feet of space.
Matt McCoy will be based in Washington and Charlotte, North Carolina and will be responsible for overseeing and growing PRP’s Net Lease investment platform. Mr. McCoy brings to PRP more than 25 years and $25 billion of experience in commercial real estate investments, capital markets, private equity and investment banking. Most recently, Mr. McCoy served Managing Director at Eastdil Secured. Prior to Eastdil, Mr. McCoy was President of the Stonemont Income Fund at Stonemont Financial Group, a diversified real estate investment manager. Immediately prior to joining Stonemont, Mr. McCoy served as Head of Corporate Net Lease Capital Markets at Wells Fargo Securities LLC.


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 over 50 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,

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

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