First Potomac Realty Trust Sells Richmond Portfolio For $60M

March 26, 2015

First Potomac Realty Trust is leaving the Richmond area. In a transaction which closed last week, the Maryland-based REIT sold its remaining properties in the region. Although First Potomac did not reveal the name of the buyer, it did say that the portfolio changed hands for a total of $60.3 million.

By Adrian Maties, Associate Editor

First Potomac Realty Trust is leaving the Richmond area. In a transaction that closed last week, the Bethesda, Md.-based REIT sold its remaining properties in the region. Although First Potomac did not reveal the name of the buyer, it did report that the 827,925-square-foot portfolio changed hands for $60.3 million.

The assets include Chesterfield Business Center, Airpark Business Center and Pine Glen in Chesterfield County; Park Central and Virginia Technology Center in Henrico County; and the Hanover Business Center in Hanover County. Together, the properties offer 19 single-story office, office/flex and industrial buildings.

First Potomac noted in a statement that the sale is a continuation of its capital recycling plan, which calls for the sale of non-core properties and the acquisition of high-quality, multi-story office buildings in the capital region. Since launching its strategic plan in January 2013, First Potomac has disposed of 33 properties, generating $433 million in proceeds. The company has redeployed $218 million of that capital to acquire well-located core properties and applied the remainder to paying down debt.

DTZ’s James Cassidy represented First Potomac Realty Trust in the sale of the Richmond portfolio.