A Seasoned Professional Bringing Significant Net Lease Investment Experience to PRP
WASHINGTON, DC – MAY 22, 2024. PRP, a real estate investment management company headquartered in Washington, DC, announced today that it has hired Elliott “EJ” Wislar as Managing Director of Net Lease Investments. In this role, Mr. Wislar will be focusing on overseeing and growing PRP’s portfolio of Net Lease 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 C. Dougherty, President of PRP. “EJ 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. Wislar commented, “PRP has an impressive Net Lease investment history, having developed or acquired over $3B and 12.5MM SF of investment-grade Net Lease properties in the logistic, manufacturing and office sectors. I am excited to join PRP at this exciting time in our industry and look forward to leveraging my experience in the sector to take advantage of what will certainly be an incredible investing opportunity in the coming cycle.”
EJ will be based in Washington, DC. He brings 11 years of industry experience with over $2B closed across more than 100 transactions. Prior to joining PRP, Mr. Wislar was the Chief Investment Officer for Gladstone Commercial Corporation, a Nasdaq-listed Net Lease REIT. Prior to Gladstone Commercial, Mr. Wislar held investment and lending positions with Prudential Global Investment Management (“PGIM”) and United Bankshares.
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, Exxon/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
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
PRP Real Estate Investment has acquired the Market Square office complex in Washington, DC., for $323 million, approximately the loan amount on the property. It is said to be the biggest office sale of the year so far. The two-building complex on Pennsylvania Avenue houses the government affairs offices of over 30 Fortune 500 companies.
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The lease will secure the new headquarters for a division of the Department of Defense
WASHINGTON, DC – January 10, 2024 – PRP announced today that it has signed a 45,8543 SF 15-year lease with the US General Services Administration on behalf of the US Department of Defense. The lease brings 4825 Mark Center Drive to 60% leased to collection of public-sector and private tenants.
4825 Mark Center Drive comprises 220,000 SF across eight floors, and features 40’ x 25’ column spacing, 10’ finished ceiling heights and expansive 27,000 SF floorplates. The property features several unique amenities, such as abundant dark fiber, abundant available power up to 30 MVA, while private sector tenants can benefit from its location within a Qualified Opportunity Zone. PRP expects to complete the lease-up of the building in 2024.
4825 is located within the Mark Center submarket, an amenity-rich location that is situated along I-395 in Alexandria and 10 minutes from Amazon’s HQ2. The location offers approximately 150,000 square feet of walkable retail amenities and is adjacent to the Mark Center Hilton and Conference Center, Alexandria Hospital and Alexandria Community College. The building is across the street from the Mark Center Transit Center, providing regional and local bus service as well free shuttle service to two nearby Metrorail stations.
“We are pleased to land this 15-year lease in a time of very limited new leasing activity in Northern Virginia,” stated Paul Dougherty, President of PRP. “We acquired 4825 Mark Center Drive 100% vacant and have now signed six leases at the property. We are in active negotiations with medical office and retail tenants whose presence will help transform and reinvigorate this submarket of Alexandria.” Upon the completion of the renovations and leasing of the building, PRP will target LEED status and an Energy-Star rating.
ABOUT PRP
PRP is a real estate investment management company with a focus on value-add multifamily apartments, office and mission-critical corporate headquarters facilities leased to investment-grade companies on a long-term basis. 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 $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 PRPREI.COM.
4825 Mark Center Drive
CONTACT:
Colleen Ramsey
PRP, LLC
202-741-8400