WASHINGTON, DC-All of the glory, it seemed, went to Blackstone Real Estate Partners VII in First Potomac's $259 million sale of its industrial assets earlier this week.
That is not surprising--after all, the fund acquired the majority of the 4.3-million square foot portfolio. Corporate Office Properties Trust acquired one building--a vacant property -- accounting for $17.5 million of the aggregate purchase price. Specifically, the REIT acquired I-66 Commerce Center, a 236,000 square foot property in Haymarket, VA, separately on May 7. At the time of the sale, COPT said it planned to invest $6 million in its renovation.
Days later, COPT now reports that it has secured a tenant for that building.
The property was occupied by Engineering Solutions through March 31, and was vacant at the time of the sale. In the meantime, COPT has executed a full-building lease with a subsidiary of an investment-grade Fortune 500 company for the building, which is located in Haymarket, VA.
Redevelopment will begin in the second quarter of 2013, in anticipation of a first quarter 2014 lease start date.
In a prepared statement, COPT CEO Roger A. Waesche, Jr. said the customer tapped COPT to execute fast-track redevelopment project.
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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.
