{"id":1004128144,"date":"2015-09-24T12:37:18","date_gmt":"2015-09-24T20:37:18","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=361092"},"modified":"2022-12-07T01:56:40","modified_gmt":"2022-12-07T09:56:40","slug":"first-potomac-to-sell-nine-northern-virginia-assets","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/first-potomac-to-sell-nine-northern-virginia-assets\/","title":{"rendered":"First Potomac to Sell Nine Northern Virginia Assets"},"content":{"rendered":"<p style=\"text-align: justify\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<div id=\"attachment_361118\" class=\"wp-caption alignright\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/09\/MM26388LOGO.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-361118\" title=\"First Potomac Realty Trust\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/09\/MM26388LOGO.jpg\" alt=\"First Potomac Realty Trust\" width=\"300\" height=\"114\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">First Potomac Realty Trust<\/p>\n<\/div>\n<p style=\"text-align: justify\"><a href=\"https:\/\/www.first-potomac.com\/\">First Potomac Realty Trust<\/a> is looking to sell some of its properties in Northern Virginia. The REIT says the sale is part of its strategy to further improve performance and create additional shareholder value.<\/p>\n<p style=\"text-align: justify\">First Potomac has enlisted\u00a0<a href=\"https:\/\/www.hfflp.com\/\">HFF<\/a> to market the properties. The portfolio totals about 1.2 million square feet and includes:<\/p>\n<ul style=\"text-align: justify\">\n<li>Newington Business Park Center \u2013 a 255,600-square-foot industrial property in Lorton;<\/li>\n<li>Enterprise Center \u2013 a 188,933-square-foot office property in Chantilly;<\/li>\n<li>Gateway Center Manassas \u2013 a 102,446-square-foot business park in Manassas;<\/li>\n<li>Herndon Corporate Center \u2013 a 128,359-square-foot office property in Herndon;<\/li>\n<li>Linden Business Center \u2013 a 109,809-square-foot business park in Manassas;<\/li>\n<li>Prosperity Business Center \u2013 a 71,373-square-foot business park in Merrifield;<\/li>\n<li>Reston Business Campus \u2013 an 82,378-square-foot office property in Reston;<\/li>\n<li>Van Buren Office Park \u2013 a 106,683-square-foot office property in Herndon;<\/li>\n<li>Windsor at Battlefield \u2013 a 155,511-square-foot office property in Manassas.<\/li>\n<\/ul>\n<p style=\"text-align: justify\">The company hopes to close the sale of the nine assets by the end of the year or in the first quarter of 2016. In addition, First Potomac has engaged Sage Capital Advisors to monetize the REIT\u2019s majority ownership interest in Storey Park, a development site in the District\u2019s NoMa neighborhood that can accommodate as much as 712,000 square feet of mixed-use product.<\/p>\n<p style=\"text-align: justify\">&#8220;As we announced in late July, we are taking a number of specific steps to de-risk our portfolio, strengthen our balance sheet and reduce our corporate overhead,\u201d Douglas Donatelli, CEO of First Potomac, said in a statement. \u201cWe remain committed to enhancing shareholder value through the monetization of assets and the redeployment of proceeds to repurchase shares, strengthen the balance sheet and position the company for long-term success.&#8221;<\/p>\n<p style=\"text-align: justify\">First Potomac revealed that it has identified other assets that it plans to divest and said that it will release additional details once sales brokers have been engaged. These assets, together with the nine Northern Virginia properties and Storey Park, are expected to generate proceeds of at least $200 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>First Potomac Realty Trust is looking to sell a big chunk of its Greater Washington property portfolio.<\/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],"tags":[],"class_list":["post-1004128144","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>First Potomac to Sell Nine Northern Virginia Assets - 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-to-sell-nine-northern-virginia-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First Potomac to Sell Nine Northern Virginia Assets\" \/>\n<meta property=\"og:description\" content=\"First Potomac Realty Trust is looking to sell a big chunk of its Greater Washington property portfolio.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/first-potomac-to-sell-nine-northern-virginia-assets\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-09-24T20:37:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T09:56:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/09\/MM26388LOGO.jpg\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/first-potomac-to-sell-nine-northern-virginia-assets\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/first-potomac-to-sell-nine-northern-virginia-assets\/\",\"name\":\"First Potomac to Sell Nine Northern Virginia Assets - 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