MANASSAS, VA. — Penzance has acquired Gateway & Linden, a six-building industrial portfolio totaling 212,086 square feet in Manassas, for $55 million. The transaction includes two industrial flex parks, Gateway Centre and Linden Business Center, where Penzance plans to lease current and upcoming vacancies up to 33,000 square feet. Additionally, office suites will be converted for industrial use by raising dropped ceilings and adding dock doors.
Built in 1988, Gateway Centre is located at 7201-7401 Gateway Court and totals 102,277 square feet. Linden Business Center, built in 2001, is situated at 7245-7795 Coppermine Drive and totals 109,809 square feet.
JLL’s Metro D.C. industrial team will lead leasing efforts for the property and Penzance’s in-house property management team will oversee operations. Bill Putting, Craig Childs and Chris Dale of JLL’s Mid-Atlantic Capital Markets team served as the advisors for the transaction.