Penzance has acquired an office park within a mile of the major Herndon Parkway mixed-use development it has planned.
The real estate firm announced Friday it acquired Spring Park, consisting of 10 single-story buildings totaling 422K SF. Penzance bought the properties from RREEF America REIT II for $71.5M, property records show.
JLL’s Bruce Strasburg and Dek Potts brokered the deal. Penzance acquired the property through its Penzance D.C. Real Estate Fund LP, its first private equity fund, which closed in October with $255M raised.