BETHESDA, MD-First Potomac Realty Trust has acquired two industrial properties totaling 158,700 sf in a transaction valued at $17.5 million. The properties, Prosperity Business Center in Merrifield, VA and Owings Mills Business Center in Owings Mills, MD, were purchased from Prosperity Associates LP and Landover Associates LP, a partnership controlled by Rockledge Realty Partners. No brokers were involved in transaction.
Located where Interstate 66, Route 50 and the Capital Beltway meet, Prosperity Business Center features an aggregate 71,600 sf of space that is fully occupied by seven businesses. Owings Mills Business Center, situated in Suburban Baltimore, is a four-structure complex of 87,100 sf, 92% of which is occupied by eight tenants.
"Prosperity Business Center benefits from an outstanding, infill location in a market with very low vacancy," says First Potomac chief investment officer Nicholas R. Smith. "Owings Mills Business Center is a property that we believe can benefit from our hands-on management and leasing capabilities." First Potomac's purchase of the two-property portfolio included the assumption of a total of nearly $10 million in existing loans on both facilities.
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