PRP To Focus On Building Net Lease Office Holdings

WASHINGTON, DC–PRP is planning to step up its focus on increasing its portfolio of net lease office holdings and has taken two recent steps in that direction. One, it has acquired Sequoia Plaza I, II & III in Arlington, Va., for $151.5 million from Foulger-Pratt. The company partnered with Riyiad Capital and GMF Capital to acquire the properties and said, when the deal was announced last week, that “the buildings represent a unique opportunity for PRP to add to its growing net lease office portfolio.”

More recently it has appointed Joseph Neckles as a managing director focused on originating single-tenant office and industrial acquisition opportunities. Neckles will be located in PRP’s newly-opened New York City office at 800 Third Avenue.

Most recently, Neckles was a vice president at VEREIT, Inc., where he was focused on single tenant office and industrial investments. “We are confident that Joe will help us achieve our goal of becoming a leader in the net lease office and industrial space,” Paul C. Dougherty, president of PRP, says in a prepared statement.

Dougherty also noted that over the past four months, the company has acquired five office buildings in Northern Virginia totaling over 800,000 square feet aside from the Sequoia transaction. It also recently acquired the 264,000 square-foot FedEx Office and Print Services Global Headquarters in Plano, Texas.