BETHESDA, MD-First Potomac Realty has beefed up its portfolio with the purchase of five properties. The REIT spent $29.3 million on three industrial and flex buildings in Northern Virginia, and has committed to purchasing two properties–totaling five buildings–in Suburban Maryland for $63 million. First Potomac’s recent activity, however, has not been limited to acquisitions; the company has also committed to selling its 87,000-sf Beltsville, MD flex building at 6251 Ammendale Rd. for $8.5 million, less than a year after having acquired the property for $6.1 million.

In Norfolk, VA, First Potomac closed on the purchase of two flex buildings–the 128,000-sf Norfolk Commerce Park II and the 95,000-sf Crossways II–for a total of $18.5 million. The buildings were 94% and 100% leased, respectively, at the time of the transaction. In Haymarket, VA, First Potomac spent $10.8 million to buy the 124,000-sf, fully leased industrial structure at 15395 John Marshall Highway. The deal included a parcel at the site that can be developed to accommodate a building as large as 80,000 sf.

“These three properties are a natural fit with our growing portfolio,” says First Potomac CEO Douglas J. Donatelli. “With the acquisition of John Marshall Highway, we gain access to this market at a strong initial return along with the opportunity to expand the property in the future. The properties in the Norfolk market offer us another opportunity to expand our investment in this exceptional industrial and flex market.”

And while the deal hasn’t yet reached completion, First Potomac has signed a definitive agreement to purchase the four-structure, 190,000-sf flex Campus at Metro Park North in Rockville, MD, and the 215,000-sf industrial building at 4612 Navistar Dr. in Frederick, MD. It will pay $63 million for both properties, which are leased to maximum capacity.

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