CHESAPEAKE, VA-First Potomac Realty, which turned heads earlier this year by placing its 4.3-million square foot industrial portfolio on the market, just renewed a 141,050-square foot lease at its Diamond Hill Distribution Center. Transnational Foods, which maintains several distribution centers through the US, is the tenant.
Diamond Hill Distribution Center includes four buildings totaling over 712,500 square feet and is approximately 97% leased.
First Potomac announced it would consider bids for its industrial portfolio in January, noting that its sale would be the most effective way it could deleverage its portfolio. Sixteen, or 2.6-million square feet, of the industrial assets First Potomac is marketing are in Southern Virginia. The industrial portfolio, which is being marketed by Eastdil Secured, was approximately 80% leased as of September 30, 2012 and represents approximately 17% of First Potomac's net operating income.
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