Launched Fund III, a $500 million closed-end discretionary fund vehicle targeting value-add acquisition and development opportunities in multifamily, industrial, data center, mixed-use, and other commercial properties located in the Mid-Atlantic.
In February, Penzance closed an equity recapitalization of 1501 Moran Road through the formation and capitalization of a joint venture with EdgeCore to co-develop the site as a data center. Edgecore, based in Broomfield, Colorado, is an experienced and well-reputed data center owner, operator, and developer with projects throughout the United States. 1501 Moran Road is strategically located in Sterling, Virginia, near the Loudoun Gateway Metrorail Station and Dulles International Airport. Penzance purchased the 7.65-acre parcel via two separate transactions between 2021 and 2022. The site has been fully entitled for data center use.
