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First Potomac Closes $54.5M Storey Park Trade

WASHINGTON, DC-The sale is an important milestone in the REIT’s strategy of de-risking its portfolio, CEO Robert Milkovich says.

Storey Park rendering Storey Park rendering

WASHINGTON, DC-First Potomac Realty Trust has closed the books on Storey Park, a development site  in the NoMa submarket that it put on the market as part of a larger plan to shore up its financial position.  Its  $54.5 million sale to a partnership between Perseus Realty, an affiliate of Four Points and Greencourt Capital has been finalized, the REIT announced this week.

The site went under contract in the beginning of the year for $47 million, subject to a study period.  Then, at some point, the contract fell through and the 1005 First LLC — the Perseus Realty et al group of companies — stepped up.

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Erika Morphy

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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