PRP COMPLETES LAND PURCHASE TO BUILD THREE NEW DATA CENTRES

PRESS RELEASE: PRP has completed the purchase of 22 acres of land in Prince William County for $22 million, where the D.C. real estate investor is planning to develop three data centre buildings.

Dougherty said PRP wants to build three powered shell data centre buildings and one substation on the site, ranging between 660,000 and 900,000 square feet of development, including:

• Two 364,080-square-foot data centre buildings
• A 261,990-square-foot data centre building
• A 120,400-square-foot substation.

The company plans to secure the power necessary to deliver 150 megawatts of energy within a year and a half.

“This is a big deal,” Dougherty said.

 

“There’s a lot of people in the Prince William and Loudoun county market that are looking at four- or five-year waits.”

It's part of an ongoing strategy shift for the real estate investment firm, which has been selling off office properties in favour of investing in logistics and data centre sites.

After this transaction, the next step is to close the contracted property deals and then submit a site plan for county approval — a process Dougherty said should take nine months. The property is located within the county's district dedicated to data centre development, called the Data Center Opportunity Zone Overlay District.

PRP worked with Amazon on the purchase and buildout of one of Amazon Web Services’ first local data centres near Route 28 North, Dougherty said.

He added that PRP wants to pre-lease the buildings through hyperscalers, which refers to the owners and operators of data centres that offer scalable data cloud computing services.

“We’re just expanding what we’re doing in the corporate net-lease realm through data centres,” Dougherty said.

Allan Myers, listed in Prince William County land records as Bethlehem Road Partners LLC, previously bought the property in January 2021 for $4.35 million. The land and its current buildings were assessed at $6.4 million in 2022, according to records. Monday’s sale hasn’t appeared in county records as of Tuesday afternoon.

Spokespeople for Allan Myers did not immediately respond to a request for comment.

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