Located on four acres off I-270 and I-370, Airpark Place is home to more than 20 tenants and is currently 95% occupied. Dexall Biomedical Labs is the lead occupant, accounting for 16% of the space.
"Airpark Place provides us with another opportunity to expand in the tight Montgomery County industrial market," says First Potomac CEO Douglas J. Donatelli. "We expect the property to produce a solid, stable return while allowing us to enhance revenue by increasing rental rates over time."
The Airpark Place deal brings the total value of Bethesda-based First Potomac Realty acquisitions up to $232 million since its October 2003 initial public offering.
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