{"id":1004749912,"date":"2025-03-07T05:14:36","date_gmt":"2025-03-07T13:14:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004749912"},"modified":"2025-03-07T05:14:38","modified_gmt":"2025-03-07T13:14:38","slug":"penzance-pays-55m-for-northern-virginia-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/penzance-pays-55m-for-northern-virginia-portfolio\/","title":{"rendered":"Penzance Pays $55M for Northern Virginia Portfolio"},"content":{"rendered":"\n<p>Penzance has acquired Gateway &amp; Linden, a six-building industrial portfolio totaling 212,086 square feet in Manassas, Va. A partnership owned by Davin Holdings and The Davis Cos. sold the properties for $55 million.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Gateway-Linden-featured.png\"><img loading=\"lazy\" decoding=\"async\" width=\"798\" height=\"610\" data-attachment-id=\"1004749923\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/penzance-pays-55m-for-northern-virginia-portfolio\/gateway-linden-featured\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Gateway-Linden-featured.png\" data-orig-size=\"798,610\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Gateway-Linden featured\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Gateway &#038; Linden, a six-building industrial portfolio totaling 212,086 square feet in Manassas, Va. Image courtesy of Penzance&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Gateway-Linden-featured.png?w=798\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Gateway-Linden-featured.png\" alt=\"Gateway &amp; Linden, a six-building industrial portfolio square feet in Manassas, Va. \" class=\"wp-image-1004749923\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Gateway-Linden-featured.png 798w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Gateway-Linden-featured.png?resize=300,229 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Gateway-Linden-featured.png?resize=768,587 768w\" sizes=\"auto, (max-width: 798px) 100vw, 798px\" \/><\/a><figcaption class=\"wp-element-caption\">Gateway &amp; Linden, a six-building industrial portfolio totaling 212,086 square feet in Manassas, Va. <em>Image courtesy of Penzance<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>The portfolio consists of two industrial parks. Linden Business Center is at 7245-7795 Coppermine Drive. The 109,809-square-foot property was built in 2001 and currently has nine tenants. Gateway Centre is at 7201-7401 Gateway Court. The 102,277-square-foot property was built in 1988 and currently has eight tenants.<\/p>\n\n\n\n<p>Gateway &amp; Linden is near the heart of the nation\u2019s No. 2 hub for data center real estate absorption, according to CBRE\u2019s <a href=\"http:\/\/www.commercialsearch.com\/news\/this-market-tops-the-nation-for-data-center-absorption\/\">data center trends report<\/a>, where high-quality industrial flex assets are becoming increasingly scarce.<\/p>\n\n\n\n<p>The buildings are positioned to serve warehouse users supporting the data center industry and the 8.5 million square feet of data center space currently there. Data center real estate within Prince William County is estimated to increase to 80 million square feet over the next decade.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/commercialedge-industrial-report-february-2025\/\">Manufacturing Surge Drives Industrial Expansion<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Essential roadways Route 29\/I-66 corridor, Interstate 66, Prince William Parkway and Balls Ford Road are conveniently close to the Gateway &amp; Linden portfolio.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-supply-constrained-market\">A supply-constrained market<\/h2>\n\n\n\n<p>There are only 188,000 square feet of overall industrial product currently under construction, all scheduled to deliver during the first half of 2025, according to CBRE\u2019s Northern Virginia fourth-quarter industrial report.<\/p>\n\n\n\n<p>Nothing broke ground in Northern Virginia in the fourth quarter. Several Class A properties are expected to begin construction in early 2025.<\/p>\n\n\n\n<p>\u201cThis acquisition of Gateway &amp; Linden secures a prime industrial asset in Northern Virginia where industrial-zoned land is rapidly becoming scarce and existing properties are redeveloped for other uses,\u201d Lauren Kowall, senior vice president of investments at Penzance, told <em>Commercial Property Executive<\/em>.<\/p>\n\n\n\n<p>\u201cOur strategy focuses on transforming vacant office-heavy spaces into higher-demand industrial facilities, positioning the property to capitalize on the growing need for warehouse space amid increasing challenges to new industrial development.\u201d<\/p>\n\n\n\n<p>JLL\u2019s Mid-Atlantic Capital Markets team, including Bill Prutting, Craig Childs and Chris Dale, were the sole advisors on the sale transaction. JLL&#8217;s metro D.C. industrial team will lead leasing.<\/p>\n\n\n\n<p>\u201cManassas stands out as a unique industrial market facing a shrinking supply of traditional industrial space, driven by the unprecedented surge in data center development over the past three years,\u201d Prutting told <em>CPE<\/em>.<\/p>\n\n\n\n<p>\u201cThis trend has significantly increased the long-term value of properties like Gateway &amp; Linden, as long-established regional tenants seek new locations due to the redevelopment of their current sites.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The properties serve warehouse tenants supporting the local data center industry.<\/p>\n","protected":false},"author":3568,"featured_media":1004749923,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,11,21742],"tags":[32796],"class_list":["post-1004749912","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-midatlantic","category-latest","tag-jll"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Penzance Pays $55M for Northern Virginia Portfolio - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Penzance has acquired Gateway &amp; 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