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.
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