{"id":1004116320,"date":"2015-03-26T07:16:37","date_gmt":"2015-03-26T15:16:37","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=335858"},"modified":"2022-12-06T10:24:27","modified_gmt":"2022-12-06T18:24:27","slug":"first-potomac-realty-trust-sells-richmond-portfolio-for-60m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/first-potomac-realty-trust-sells-richmond-portfolio-for-60m\/","title":{"rendered":"First Potomac Realty Trust Sells Richmond Portfolio For $60M"},"content":{"rendered":"

By Adrian Maties, Associate Editor<\/em><\/p>\n

\"\"<\/a>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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

DTZ\u2019s James Cassidy represented First Potomac Realty Trust in the sale of the Richmond portfolio.<\/p>\n","protected":false},"excerpt":{"rendered":"

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.<\/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":[36153],"tags":[],"class_list":["post-1004116320","post","type-post","status-publish","format-standard","hentry","category-richmond-hampton-roads"],"acf":[],"yoast_head":"\nFirst Potomac Realty Trust Sells Richmond Portfolio For $60M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/first-potomac-realty-trust-sells-richmond-portfolio-for-60m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First Potomac Realty Trust Sells Richmond Portfolio For $60M\" \/>\n<meta property=\"og:description\" content=\"First Potomac Realty Trust is leaving the Richmond area. 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