Penzance Management Makes Strategic Acquisition in Manassas
Deal News | Mar 06, 2025 | Penzance Management LLC
Penzance Management LLC, a prominent D.C. real estate company, recently acquired a six-building industrial portfolio in the Manassas area for $55 million. The portfolio, comprising Gateway Centre and Linden Business Center, spans a total of 212,086 square feet and was previously owned by a partnership between Davin Holdings and The Davis Cos. The acquisition is notable for its timing amidst a supply-constrained market, with high-quality industrial flex assets becoming scarce. Penzance plans to enhance the properties by converting office-heavy suites into industrial spaces. They have engaged JLL to market the available spaces and oversee leasing operations. The properties offer regional connectivity and are well-positioned to support the data center industry in Prince William County. JLL's mid-Atlantic capital markets team advised on the sale, marking a strategic expansion for Penzance in Northern Virginia.
Sectors
- Real Estate
- Industrial
Geography
- United States – The acquisition took place in the Manassas area of Virginia, USA, and involves companies operating in the U.S. real estate and industrial markets.
- Virginia – The properties acquired are located in the Manassas area which is part of Virginia, highlighting the regional focus of the real estate investment.
Industry
- Real Estate – The article focuses on the acquisition of industrial properties, a significant segment of the real estate industry, particularly industrial real estate investment.
- Industrial – The acquired properties are industrial flex assets, relevant to the industrial sector, especially in the context of serving warehouse users and data centers.
Financials
- $55 million – The deal price for Penzance's acquisition of the six-building industrial portfolio in the Manassas area.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Penzance Management LLC | Bidding Company/Buyer | Company | A Washington D.C.-based real estate company that focuses on acquisitions, management, and development of properties. |
| Davin Holdings | Selling Company | Company | A Florida-based owner and operator of industrial properties, founded by Hank Dudgeon and Marc Yavinsky. |
| The Davis Companies | Selling Company | Company | A Boston-based real estate developer and manager with a diverse portfolio of industrial, commercial, and residential properties. |
| JLL | Corporate Finance/Advisory | Company | A professional services firm that specializes in real estate and investment management. JLL advised on the sale and will oversee leasing operations for Penzance. |