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GLEN ALLEN, VA- First Potomac Realty Trust has snapped up the 120,000-sf office flex structure known as Virginia Center for its own. The industrial and flex property REIT acquired the compound from Principal Life Insurance Co. in a deal valued at $9.5 million. “We just completed our public offering last week and this is our first acquisition since then,” First Potomac president and CEO Douglas J. Donatelli tells GlobeSt.com.

Located on a 17-acre parcel on Technology Park Dr. just off I-95 in a Richmond, VA submarket, the nearly two-decade-old Virginia Center boasts a tenant roster that includes the likes of DaimlerChrysler Motors Corp., GAC National Processing Center, Professional Products Inc. and Service Partners LLC. At the time of the deal, the property was nearly 65% occupied.

“We remain impressed with the long-term potential of the flex market in the Richmond area,” Donatelli adds in a statement. “This acquisition fits well into our core strategy of purchasing undervalued properties that have excellent long-term potential through repositioning and aggressive leasing.” Donatelli says First Potomac will handle the leasing and management activities for the property.

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