D.C.-based PRP Real Estate Investment Management sold a 40-acre property planned for 1.1M SF of data centers in the country’s largest internet infrastructure market in the world.
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Iron Mountain paid PRP $113.5M for the Manassas, Virginia, development site in a deal that closed Thursday, PRP told Bisnow. The sale works out to $2.8M per acre.
PRP assembled the site, which it calls Manassas Point, out of three parcels it acquired between 2022 and 2023. The firm rezoned the parcels into one and received county approval for the building heights to match the 1.1M SF plan it developed.
The data center is planned across three buildings next to a 300-megawatt substation. PRP said it worked with Dominion Energy and Northern Virginia Electric Cooperative to secure an expedited power delivery schedule, a process that has become a top challenge in the market today.
The property is in Prince William County, which has emerged as a fast-growing data center hub that rivals neighboring Loudoun County, the longtime leader in the space.
“We are very excited and proud to have orchestrated this complicated project in a very challenging Data Center environment,” PRP Managing Director Steve Muller said. “Importantly, this is a win/win transaction for everybody and will bring significant economic development to Prince William County while strengthening Iron Mountain’s development pipeline and commitment to the Manassas community.”
Iron Mountain already has a 142-acre highly secure data center campus in Manassas with five operational data centers, a sixth coming in 2025 and three more planned. The campus has more than 2M SF of data center colocation space and a capacity of 280 megawatts.
The Boston-based REIT has north of 85M SF across more than 1,400 facilities in more than 50 countries, according to its website.
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