First Potomac took the office/industrial facility off the hands of Teachers Insurance and Annuity Association-College Retirement Equities Fund, or TIAA-CREF, in December of last year in a $6.1 million deal. According to Prince George's County records, the building has a current assessed value of $6 million.
"Through this sale, we were able to recognize a 40% increase in value in less than a year," says First Potomac CEO Douglas J. Donatelli. "We look forward to reinvesting these proceeds into additional accretive acquisitions." The approximately $2.1 million profit on the sale will remain in escrow until December 31, when the Section 1031 like-kind exchange is expected to be completed.
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