Bethesda, MD-based REIT is financing the acquisition with funds drawn on its unsecured revolving credit facility. As per real estate records of the City of Chesapeake, the single-story structure and the 13-acre parcel it occupies have a total current assessed value of $12.2 million.
Crossways I was developed in 1988 and is 85% occupied by offices of the US Government--including the Coast Guard Security Center--and Sentara Healthcare, which signed a 10-year lease for 40,000 sf in the building in 2003. "This off-market acquisition complements our five other properties in the submarket and enhances our ability to meet the potential expansion needs of our tenants," says First Potomac chief investment officer Nicholas R. Smith. "We have the opportunity to add value to the property by leasing up the vacant space in the short term and by bringing the current, below-market rents up to market as leases expire."
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