She is responsible for writing stories, assisting with industry awards and marketing nomination events. At the end of 2019, Penzance’s plans for renovations to the property were still being finalized. Your article was successfully shared with the contacts you provided. It acquired the Spring Park office park at 450-485 Spring Park Place, 380 Herndon Parkway and 400 Herndon Parkway for $72 million, which CO wrote about in September. JLL capital markets secured the construction loan on behalf of Marquette Cos. for the development of its 278-unit, high-rise apartment tower in Chicago’s Fulton Market. “The building is already high-end with great amenities and modern finishes,” White said. The Washington, D.C.-based real estate investment company purchased the building from Unizo Holdings for $85 million, according to the D.C. recorder of deeds. It acquired the, Notable retail tenants on the ground floor include, Hakim Picks Up 30K SF Mixed-Use Office for $36M in Beverly Hills. Get directions, reviews and information for Penzance Properties LLC in Washington, DC. *May exclude premium content Penzance has ownership interests in multiple properties near future Silver Line stations. Fitch says that renters could relocate to more affordable suburban and Sunbelt markets as they seek more space. By Christina sturdivant-Sani April 3, 2019 9:05 am reprints. 50 F Street NW Photo: Penzance. Penzance has ownership interests in multiple properties near future Silver Line stations. HERNDON, VA – Owner, operator and developer, Penzance has purchased a 169-unit, mixed-use multifamily community in Herndon, Virginia. “We expect our plans will involve slight enhancements to continue to meet the evolving demands of our tenants.”. “Penzance is a strong believer in the Northern Virginia market and is seeing signs of economic growth on the Toll Road, in particular due to drivers like cybersecurity, cloud computing and defense technology,” Cristopher White, Penzance’s managing director of investments, told Commercial Observer. Hakim Picks Up 30K SF Mixed-Use Office for $36M in Beverly Hills. Penzance expects to target a portfolio size of $800 million to $1 billion of total capital for the fund. Penzance has acquired Capitol Place III, a 212,780-square-foot office building at 50 F Street NW in Washington D.C.’s Capitol Hill neighborhood, according to a press release from the firm. Open Box PropTech Consulting: Every Good Idea Begins with a Question. Discover how automation solutions could cut your contingency fees by up to 90% and save you thousands. The purchase of the property aligns with Penzance’s goal of “enhancing and repositioning assets across the metro region to more adequately meet the needs of tenants with better-quality product and new experiences,” White said in a prepared statement. According to White, the company expects the overall submarket to continue to grow and the future metro stations to be central hubs as the growth continues. Reviews (202) 659-5492. It wasn’t immediately clear if Unizo Holdings had a broker in the deal. Penzance has ownership interests in multiple properties near future Silver Line stations. The seller did not utilize a broker. Go beyond ROI on your technology investment and learn how to maximize your net operating income with the 9 simple steps outlined in this guide. Located at 2323 Dulles Station Boulevard, in the Dulles Technology Corridor, the property was built in 2005 and acquired by Bet Investments in 2014. News Penzance Acquires DC Area Mixed-Use Multifamily Asset The value-add acquisition is comprised of 169 apartment units and more than 15,000 SF of retail space. Notable retail tenants on the ground floor include Neo Smiles Dental, Kabobi by The Helmand and Edward Jones Investments. Copyright © 2020 ALM Media Properties, LLC. Penzance has acquired The Mark, a 169-unit, luxury mixed-use apartment community in Herndon, Va., from Bet Investments, according to the buyer. , a 169-unit, luxury mixed-use apartment community in Herndon, Va., from, “Penzance is a strong believer in the Northern Virginia market and is seeing signs of economic growth on the Toll Road, in particular due to drivers like cybersecurity, cloud computing and defense technology,”, , Penzance’s managing director of investments, told Commercial Observer. “In addition, the proximity to the future, will make the area more desirable with better connectivity to other Silver Line markets — such as Reston Town Center and Tysons — and the rest of the D.C. metro area.”. Is the solution landscape a maze of options? Nick Pappas of Eastdil Secured brokered the transaction on behalf of Penzance. Exclusive discounts on ALM and GlobeSt events. Is project approval a nightmare? This is the latest deal for the Penzance D.C. Real Estate Fund, which closed in October 2018 with total equity commitments of $255 million. Post-Covid: How to Avoid Excessive Property Tax Appeal Fees & Save Thousands. This is the latest deal for the Penzance D.C. Real Estate Fund, which closed in October 2018 with total equity commitments of $255 million. IRG’s Jeff Kim and Allen Manesh represented Penzance in the off-market transaction. The building is 67 percent leased to 16 tenants including economic development organization ACDI/VOCA and environmental organization Sierra Club, according to a Penzance spokeswoman. Read the latest edition of the Commercial Observer online! Menu & Reservations Make Reservations . It is expected that for 2021, 80% of the properties will likely have tax appeal merit. Reviews (202) 339-8001 Website. Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. Single Family Rental Operator Front Yard to be Taken Private in $2.4B Deal, Class A Apartments in Top Markets Are Leading the Rise in Concessions, Class B and C Apartments Will Be Next to Face Headwinds, Apartments in Lower-Cost Areas Set to Thrive, How CBD Offices Can Generate a Post-Pandemic Return. Is product selection a headache? Located two blocks from the Union Station transit hub, the 12-story property offers views of the Capitol building from its top floors and features a 3,500-square-foot conference facility, a fast-casual deli on the ground floor and 134 underground parking spots, per the release. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago. Penzance 1101 Connecticut LLC 1101 Connecticut Ave NW Washington DC 20036. Get directions, reviews and information for Penzance 1101 Connecticut LLC in Washington, DC. According to public records, the sales price was $50.5 million. The firm will begin construction on additional “amenities and improvements” in the third quarter of 2019, according to the release. All Rights Reserved. , in the Dulles Technology Corridor, the property was built in 2005 and acquired by Bet Investments in 2014. Is innovation a bad word? Penzance Properties LLC 1680 Wisconsin Ave NW Washington DC 20007. Penzance Buys Office Building on DC’s Capitol Hill for $85M. The deal closed on March 26, Cristopher White, a managing director at Penzance, told Commercial Observer. Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.

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