The warehouse, which delivered one year ago, is located at 3732 Cook Blvd. It is one of three buildings at Cavalier Industrial Park. The new lease transaction not only brings 3732 Cook to full occupancy--it also brings the entire park to full stabilization.
First Potomac began to aggressively lobby tenants to renew leases ahead of upcoming expirations as well as seek out new tenants last year to keep on top of its occupancy levels. For the next few quarters, First Potomac will have between 1.5% and 3.5% of annualized base rent expiring each quarter, leaving the REIT with a manageable exposure to lease roles in the near and medium term, according to comments made by CEO Doug Donatelli in an earnings call last year.
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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.
