WASHINGTON, D.C. – November 14, 2024 – PRP, a real estate investment management company headquartered in Washington, D.C., announced today that it has sold its Northern Virginia data center property located in Prince William County, VA, to Iron Mountain Inc. (NYSE: IRM). The total consideration for the transaction was $113.5 million, or $2,837,500 per acre.
The 40-acre site of heavy industrial-zoned land, known as Manassas Point, was assembled by PRP in 2022–2023. Upon acquiring the three separately owned, contiguous properties, PRP conceived and developed plans for a 1.1 million-square-foot, state-of-the-art data center campus with an on-site 300 MW substation. The firm successfully navigated a challenging zoning approval process, consolidating the three industrial parcels into one, while simultaneously obtaining county approvals to increase allowable building height to accommodate PRP’s three-story design. PRP also worked closely with NOVEC and Dominion Power to secure an expedited power and equipment delivery schedule to achieve its aggressive development timeline.
Manassas Point is located in the industrial heart of Manassas, VA, and is situated in close proximity to Iron Mountain’s other data centers in the county. The Northern Virginia data center market—predominantly Loudoun and Prince William Counties—is the largest data center market in the country and is responsible for processing 70% of the world’s data center traffic.
“We are very excited and proud to have orchestrated this complex project in a very challenging data center environment,” said Steve Muller, managing director at PRP, who led this investment for the firm. “Importantly, this is a win-win transaction for all parties and will bring significant economic development to Prince William County while strengthening Iron Mountain’s development pipeline and commitment to the Manassas community.”