PRP, an investment management firm focused on credit net lease investments, is allocating $2 billion to acquire credit tenant-leased logistic assets and data center land and buildings across primary and secondary markets as part of its push to diversify its net lease portfolio. At the same time, the company has sold a handful of net lease office properties with a transaction value of $1.04 billion. 

The logistic and data center sectors remained highly resilient throughout the pandemic and continue to grow at rates well in excess of inflation, Joe Neckles, managing director of Net Lease Acquisitions at PRP, said in explaining the moves. "The assets that we are acquiring are located in attractive markets backed by solid demographics, high barriers to entry and historically high industrial occupancy rates."

On August 19, 2021, PRP closed on the $204.41 million sale of Sequoia Plaza, a three building, 370,000-square foot office portfolio leased to Arlington County, Virginia. The properties were acquired by an affiliate of Boyd Watterson Asset Management. Sequoia Plaza serves as the headquarters for Arlington County's Department of Human Services and the Arlington County Public School System.