REIT Raises $91M from Offering

A portion of the resulting net proceeds from the industrial and flex property REIT's offering will be used for general corporate and working capital purposes, and perhaps, for future property purchases. But namely, a chunk of the funds will serve as the cash portion for the previously announced $143 million acquisition of a 14-property flex/industrial/office/retail portfolio that is primarily in the suburban Maryland area outside of Washington, DC. Another chunk of the proceeds will go toward what a First Potomac spokesperson tells GlobeSt.com is an existing $40 million secured revolving credit facility.