Penzance acquired a 35-acre site in Suffolk, Virginia, 8 miles from the Port of Virginia in July. Construction commenced on a 443k SF high-bay warehouse in October. The site is positioned to benefit from the $1.5 billion expansion of the Port of Virginia and is expected to deliver in Q4 2026.
Penzance expanded its investments in the Mid-Atlantic with the acquisition in December of Stoney Trace in Charlotte, North Carolina. Stoney Trace is a 380-unit multifamily property built in 1990. Stoney Trace is well-located near major employers and amenities, and will benefit from interior renovations and hands-on management.
