PRP is selling off its office properties to focus on data centers and industrial properties

Real estate investment firm PRP is selling its office properties to focus on data center and industrial assets. According to reports, the firm has finalized deals to sell its office properties in Austin, Virginia, and Arlington. Negotiations are also underway for its office properties in Gaithersburg and Dallas, Maryland. PRP has a goal of spending $2 billion in acquiring data center and logistics properties in the US, and the proceeds from the sale of these office properties will be part of the funds it plans to invest.

PRP is said to be targeting both primary and secondary markets. However, it is focusing on the greater DC areas, which also includes Northern Virginia. The Company is also targeting to have hyperscalers like AWS and Microsoft as tenants. Joe Neckles, PRP’s Managing Director of Net Lease Acquisitions, said the Logistics and data center industries have remained robust even with the effects of the pandemic. He further noted that the assets the Company is acquiring are all in attractive markets that will guaranty great results.

The Company is still very much in the office property business as it retains some of these properties. PRP is only looking to diversify its portfolio with assets that have excelled during the pandemic.