(To read more on the industrial market, click here.)

BETHESDA, MD-First Potomac Realty Trust has acquired two industrial properties totaling 158,700 sf in a transaction valued at $17.5 million. The properties, Prosperity Business Center in Merrifield, VA and Owings Mills Business Center in Owings Mills, MD, were purchased from Prosperity Associates LP and Landover Associates LP, a partnership controlled by Rockledge Realty Partners. No brokers were involved in transaction.

Located where Interstate 66, Route 50 and the Capital Beltway meet, Prosperity Business Center features an aggregate 71,600 sf of space that is fully occupied by seven businesses. Owings Mills Business Center, situated in Suburban Baltimore, is a four-structure complex of 87,100 sf, 92% of which is occupied by eight tenants.

“Prosperity Business Center benefits from an outstanding, infill location in a market with very low vacancy,” says First Potomac chief investment officer Nicholas R. Smith. “Owings Mills Business Center is a property that we believe can benefit from our hands-on management and leasing capabilities.” First Potomac’s purchase of the two-property portfolio included the assumption of a total of nearly $10 million in existing loans on both facilities.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


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 © 2023 ALM Global, LLC. All Rights Reserved.