HERNDON, VA-A sum of $20.5 million has bought First Potomac Realty Trust ownership of Herndon Corporate Center, a flex property that totals nearly 130,000 sf. First Potomac made the purchase from VHCC Properties LLC with cash and funds from its resolving line of credit. The deal also called for the REIT to assume debt in the form of a $9.1 million fixed-rate first mortgage loan. The seller is seeing a big profit on the deal; it acquired the property in early 2003 for just $13.2 million.Located on Herndon Parkway near the Dulles Airport Access Road, Herndon Corporate Center is home to 14 tenants that bring the building to a 98% occupancy level. The US government, which leases approximately 28,000 sf of space under two lease agreements that expire in 2014, is the single-story structure’s largest occupant. “Herndon Corporate Center provided us an opportunity to acquire a well-leased and well-located flex property with an excellent initial yield,” First Potomac CEO Douglas J. Donatelli says.

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