PRP Real Estate Investment Management
Update
08/24/21
PRP Selling Office Assets: Plans $2B in Industrial/Data Center Acquisitions
PRP Real Estate Investments management has announced the sales of office properties across several markets including Arlington & Gaithersburg along with and Austin & Dallas, TX. Properties the firm has sold include Sequoia Plaza in Arlington, featuring 370,000 square feet of space across three buildings. Boyd Watterson acquired this property for $204.4M. In Gaithersburg, PRP has reached an agreement to sell the nearly 300,000 square foot Two Washington, which is fully leased to Leidos. In the Texas market, PRP sold a two-building office/lab campus for $184M located in Austin with plans to also trade a 1.1M SF office campus in Dallas.
PRP now plans to utilize $2B to acquire industrial/warehouse assets and data centers in primary and secondary markets. PRP Managing Director of Net Lease Acquisitions Joe Neckles said in the release, “the logistic and data center sectors remained highly resilient throughout the pandemic and continue to grow at rates well in excess of inflation. The assets that we are acquiring are located in attractive markets backed by solid demographics, high barriers to entry, and historically high industrial occupancy rates."
