{"id":1004167343,"date":"2017-02-23T03:52:10","date_gmt":"2017-02-23T11:52:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004167343"},"modified":"2025-02-18T05:45:48","modified_gmt":"2025-02-18T13:45:48","slug":"first-potomac-sells-2-dc-area-assets-for-89m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/first-potomac-sells-2-dc-area-assets-for-89m\/","title":{"rendered":"First Potomac Sells 2 DC-Area Assets for $89M"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<p><strong>Washington<\/strong>\u2014First Potomac Realty Trust announced the sale of Plaza 500 in Alexandria, Va., to Matan Cos. for gross proceeds of $75 million and of One Fair Oaks in Fairfax, Va., for gross proceeds of $13.7 million.<\/p>\n<div id=\"attachment_1004167407\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/One-Fair-Oaks-Plaza1.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004167407\" data-attachment-id=\"1004167407\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/first-potomac-sells-2-dc-area-assets-for-89m\/one-fair-oaks-plaza-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/One-Fair-Oaks-Plaza1.jpg\" data-orig-size=\"750,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"One Fair Oaks Plaza\" data-image-description=\"&lt;p&gt;One Fair Oaks Plaza&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;One Fair Oaks Plaza&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/One-Fair-Oaks-Plaza1.jpg?w=750\" class=\"wp-image-1004167407 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/One-Fair-Oaks-Plaza1.jpg\" alt=\"One Fair Oaks Plaza\" width=\"300\" height=\"240\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/One-Fair-Oaks-Plaza1.jpg 750w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/One-Fair-Oaks-Plaza1.jpg?resize=300,240 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004167407\" class=\"wp-caption-text\">One Fair Oaks Plaza<\/p><\/div>\n<p>Plaza 500, located at 6295 Edsall Road, is a 502,830-square-foot industrial asset that consists of two \u00a02-story buildings on 34 acres of land. Built in 1973 and renovated in 1989, the buildings offer nine to 22-foot ceiling heights, dock and drive-in loading doors and free parking. The property was 90.5 percent leased and occupied as of September 2016.<\/p>\n<p>One Fair Oaks, located at 4114 Legato Road, is a 12-story, 214,214-square-foot office asset that was fully occupied by CACI International through December 2016. Built in 1986 and renovated in 2005, the property offers 685 parking spaces and was previously\u00a0sold to First Potomac for $60.3 million, according to <em>Yardi Matrix<\/em>.<\/p>\n<p>With both sales completed, the company has sold $295 million of non-core assets towards its stated goal of $350 million. Sale proceeds will go towards repaying outstanding debt.<\/p>\n<p>&#8220;The dispositions of Plaza 500 and <span class=\"xn-person\">One Fair Oaks<\/span> move us significantly closer to accomplishing the first phase of our strategic plan,&#8221; said\u00a0<span class=\"xn-person\">Robert Milkovich<\/span>, CEO\u00a0of First Potomac Realty Trust, in prepared remarks. &#8220;With almost <span class=\"xn-money\">$300 million<\/span> of our stated <span class=\"xn-money\">$350 million<\/span> goal of non-core dispositions completed and the majority of the proceeds from those sales utilized to retire our Series A Preferred Shares and repay additional debt, we have made great progress in de-risking our portfolio, de-levering our balance sheet and maximizing asset values.&#8221;<\/p>\n<p><em>Image courtesy of Yardi Matrix\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With both transactions completed, the company has disposed of $295 million worth of non-core assets towards its stated goal of $350 million. <\/p>\n","protected":false},"author":746,"featured_media":1004167407,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,21742,21747,1615],"tags":[34084,34081,34082,34083],"class_list":["post-1004167343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-latest","category-office","category-washington-dc","tag-fairfax-county-submarket","tag-first-potomac-realty-trust","tag-matan-companies","tag-robert-milkovich"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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