ROCKVILLE, MD-First Potomac is setting about closing the dealsit announce it had undercontract last week when it went to market to raise$155 million.
It has closed on a 90% stake in Redland Corporate Center II andIII for $12 million. Perseus Realty is retaining its 10% interestin the joint venture. First Potomac also contributed capital to thejoint venture on which it will receive a preferred return to retirea $71-million first mortgage loan on the property.
Redland Corporate Center III is a 139,120 square foot building,100%leased through 2020 to BAE Systems, withestimated 2011 net operating income of $3.6 million. Its sisterbuilding--the 208,342-square-foot Redland Corporate Center II--is99% vacant. Both are LEED Gold certified.
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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.
