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GLENN DALE, MD-First Potomac Realty Trust has acquired the 315,200-sf mixed-use Glenn Dale Business Center for $17.5 million. First Potomac purchased the 32-acre office and warehouse property from an unnamed seller, taking on an $8.5 million existing mortgage and delivering the remainder of the purchase price in cash.

The center boasts a 99% occupancy level and is home to six occupants including Home Depot and TVI Corp. In addition to the industrial space, the property also features a developable parcel of land of an unspecified size.

Accessible by the Capital Beltway, Rte. 50, I-95 and the Baltimore-Washington Parkway Glenn Dale was developed in 1968 and once served as the McCall’s Magazine printing site. The property underwent redevelopment in 1998. Looking ahead to its plan for the new acquisition, First Potomac chief investment officer Nicholas R. Smith says, “Our investment strategy with this property involves bringing in-place rents up to current market rent as we renew existing leases, as well as potentially taking advantage of excess land at the property for future development.”

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