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Latest NewsPenzance secures $100M to build fully leased Chantilly data center
D.C. developer Penzance continues to diversify into the lucrative data center market, scoring $100 million in construction financing for its Chantilly Premier project.
The fully leased, 241,000-square-foot data center shell will sit on 12 acres of a 79-acre site located adjacent to the Chantilly Auto Park, about 10 minutes from Dulles International Airport. The tenant has not been named.
Penzance, best known for its mixed-use and multifamily projects, recently broke ground on Chantilly Premier after landing financing from QuadReal Property Group, a Vancouver-based real estate investor, developer and operator. The data center is expected to deliver by mid-2027.
Marshall Scallan, Michael Zelin and Bindi Shah of Cushman & Wakefield represented the borrower.
“Securing this financing highlights the strong market appetite for high-quality, preleased assets backed by experienced sponsors,” Scallan said in a statement.
A Penzance affiliate acquired the vacant Chantilly parcel in August 2022. Three years earlier, the prior owner had the land rezoned for vehicle sales, a plan Penzance dropped in favor of either data center or warehouse. It ultimately landed on a data center.
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Atlanta firm buys two Arlington residential towers, expects return to ‘core markets’
Cortland, a big Atlanta-based real estate firm, closed on two big multifamily acquisitions in Arlington Tuesday, completing the first phase of its plans to invest $1 billion in local real estate.
The company is seeing “return migration to core markets” such as the D.C. area and “this demand shift is expected to continue over the coming years, enhancing our outlook for multifamily communities in the region,” Dan Irvin, a regional director of investments with Cortland, told the Washington Business Journal.
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Fire Station 10 Officially Opens To Serve The Rosslyn Community
Arlington County officials celebrate opening of new fire station serving Rosslyn and the public-private partnership that made it possible.
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D.C. firm starts work on giant Hagerstown warehouse
Hagerstown’s fast-growing e-commerce landscape is poised to take off again. Washington, D.C.-based Penzance broke ground Thursday on a spec 825,000-square-foot, Class A warehouse facility that will sit just off Interstates 81 and 70 in Williamsport. The firm acquired the 70-acre site earlier this year for $8 million.
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Penzance Breaks Ground at Class-A Industrial Development, Hagerstown Crossroads at I-81
Penzance, an owner, operator and developer in the Washington, D.C. metropolitan region for more than two decades, today broke ground on their latest industrial development, a 825,000-square-foot site located at 16220 Wright Road in Williamsport, Maryland. Penzance executives were joined by community members and local business leaders as the company marked the groundbreaking milestone on its latest project that will create approximately 500 jobs in the region.
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