Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.