{"id":1004075038,"date":"2013-05-27T21:12:29","date_gmt":"2013-05-28T05:12:29","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=129358"},"modified":"2020-05-21T22:11:37","modified_gmt":"2020-05-22T06:11:37","slug":"first-potomac-to-sell-industrial-properties-for-259m-as-part-of-strategic-plan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/first-potomac-to-sell-industrial-properties-for-259m-as-part-of-strategic-plan\/","title":{"rendered":"First Potomac to Sell Industrial Properties for $259M as Part of Strategic Plan"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\">First Potomac Realty Trust announced on May 20 that it has entered into two separate contracts to sell a portfolio of 24 industrial properties for a total of $259 million. The sale is part of a strategic plan the company made public in late January to achieve a higher concentration of high-quality office properties in the greater Washington, D.C., area. The proceeds will also be used to repay debt, improve balance sheet flexibility and acquire high-quality office properties in the Washington, D.C., region.<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/05\/md_438c_2007.03.04JM_004.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-129359\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/05\/md_438c_2007.03.04JM_004.jpg\" alt=\"\" width=\"300\" height=\"199\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">The portfolio consists of 4.3 million square feet. Most of it &#8212; 23 of the properties &#8212; was acquired by an affiliate of Blackstone Real Estate Partners VII for $241.5 million. The 23 properties represent 4 million square feet, with 16 of them, totaling almost 2.6 million square feet, located in Southern Virginia and the rest in Baltimore and Washington, D.C.<\/p>\n<p style=\"text-align: justify;\">Blackstone secured the contract with a $15 million deposit. The transaction is expected to close by the end of the second quarter, subject to customary closing conditions. IndCor Properties \u2013 Blackstone\u2019s national industrial portfolio company &#8212; will manage the properties.<\/p>\n<p style=\"text-align: justify;\">Separately, First Potomac sold the I-66 Commerce Center in Haymarket, Va., to Corporate Office Properties Trust. The 236,000-square-foot, single-story building is located on 28.3 acres of land. It was sold on May 7 for $17.5 million. Engineering Solutions occupied the I-66 Commerce Center through March 31, 2013. At the time of the sale, the property was vacant.<\/p>\n<p style=\"text-align: justify;\">\u201cThe sale of the industrial portfolio is the most critical step in our strategy of repositioning our portfolio to focus on high-quality office properties in the region,\u201d said Douglas Donatelli, First Potomac&#8217;s chairman &amp; CEO. \u201cWe believe the sale, combined with the targeted portfolio management initiatives we have implemented, positions us well for continued growth in the greater Washington, D.C., office sector.\u201d<\/p>\n<p style=\"text-align: justify;\">Click<strong> <\/strong><a href=\"https:\/\/www.multihousingnews.com\/news\/market-snapshot-occupancy-investment-activity-on-the-rise-in-the-nations-capital\/1004056730.html\" rel=\"nofollow\"><strong>here<\/strong><\/a> for more market data on Washington, D.C.<\/p>\n<p style=\"text-align: justify;\"><em>Photo credits: <a href=\"https:\/\/www.first-potomac.com\" rel=\"nofollow\" >First Potomac Realty Trust<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>First Potomac Realty Trust announced on Monday, May 20, it has entered into two separate contracts to sell a portfolio of 24 industrial properties for a total of $259 million.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1615],"tags":[],"class_list":["post-1004075038","post","type-post","status-publish","format-standard","hentry","category-latest","category-washington-dc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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