WASHINGTON, DC–First Potomac Realty Trust and AEW Capital Management have sold two jointly-owned properties — Rivers Park I and II and Aviation Business Park, which are located in Columbia and Glen Burnie, Md — for $59.5 million to an affiliate of Adler Kawa Real Estate Advisors. This trade follows last month's transaction in which First Potomac sold two properties in Northern Virginia for a total of $88.7 million.

First Potomac and an affiliate of AEW owned the two properties, which total 428,268 square feet, in unconsolidated joint ventures.

First Potomac owned a 25% interest in Rivers Park I and II and a 50% interest in Aviation Business Park. Its share of the gross proceeds from the sales totaled about $18.975 million. The REIT used the proceeds to pay down its share of mortgage debt on the properties and for general corporate purposes.

So far this year First Potomac has sold more than $100 million in properties per its strategic plan, which has the stated goal of selling off $350 million in assets, CEO Robert Milkovich said in a prepared statement. With these deals closed, it has completed $311 million towards its goal.

“As we progress through 2017, we remain focused on completion of our strategic plan and driving long term value for our shareholders,” he said.

Jon Carpenter, Nicole Keelty, and Graham Savage of Cushman & Wakefield represented First Potomac in the sale of these Joint Venture Assets.

First Potomac and an affiliate of AEW owned the two properties, which total 428,268 square feet, in unconsolidated joint ventures.

“As we progress through 2017, we remain focused on completion of our strategic plan and driving long term value for our shareholders,” he said.

Jon Carpenter, Nicole Keelty, and Graham Savage of Cushman & Wakefield represented First Potomac in the sale of these Joint Venture Assets.

Instant Insights /

Maryland Properties Trade for $60M in First Potomac, AEW Deal

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