RICHMOND—First Potomac has sold a portfolio of office, office/flex and industrial buildings in the local area for $60.3 million.
The portfolio consists of six business park properties that contain 19 single-story office, office/flex and industrial buildings. These properties total 827,925 square feet.
The sale of the Richmond portfolio is part of the REIT's capital recycling plan, which is focused investing in core DC assets, while disposing of its outlying assets.
Since announcing the strategic and capital plan in January 2013, First Potomac sold 33 properties for aggregate gross proceeds of $433 million. It has then redeployed $218 million of those proceeds to acquire assets that fit its new investment criteria.
James Cassidy with DTZ represented First Potomac Realty Trust in the sale of the portfolio.
The Richmond, Virginia portfolio includes Chesterfield Business Center, Airpark Business Center and Pine Glen in Chesterfield County, Virginia and Park Central, Virginia Technology Center and Hanover Business Center in Henrico/Hanover Counties, Virginia.
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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.
