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

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,

The 22.4 acre site is part of a 35 acre development that will result in up to 1 MM SF of Data Centers

WASHINGTON, DC – April 6, 2022 – PRP, one of the leading investment management firms focused on credit net lease investments, announced today that it has closed the initial 22.4 acres of a larger development site that will ultimately yield up to 1 MM SF of data center buildings and a dedicated power substation. The land was acquired from Allan Meyers Construction for $20MM. Upon full development, PRP will deliver three powered shell buildings for lease to Hyperscalers and one dedicated power substation.

Paul C. Dougherty, President of PRP, stated, “We are very excited to get this project off the ground. Our site is entitled for “By-Right” development of up to 1 MM SF of data center buildings. This project will be an important milestone in Prince William County’s success in attracting more Hyperscale Data Center users to the County. Strong secular growth trends, driven by unprecedented demand for Cloud Services and Data Services, makes this a unique investment opportunity for PRP.”

The site is strategically located close to other existing and planned data centers in the heart of Prince William County’s Data Center Overlay district. Over 70% of the world’s data center traffic flows through Northern Virginia. Exponential growth of data usage has created immense secular demand for new data center sites in land-constrained Northern Virginia – the largest data center market in the world. Over 3,500 technology companies leasing and/or owning 30 million SF of data center space (approximately half of US data center capacity) reside in Northern Virginia. Date Center users are attracted to Prince William County and Manassas in particular due to its proximity to Loudoun County, lower land values, and robust power and fiber infrastructure.

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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