Thank you for sharing!

Your article was successfully shared with the contacts you provided.

[IMGCAP(1)]NORFOLK, VA-A 33,000-sf lease with Citicorp North America has put a First Potomac asset here at 100% occupancy. The recently inked transaction, at 5301 Robin Hood Rd. in Norfolk Commerce Center II, is in an office/flex facility.

Citicorp is occupying office space in the two-story building, Timothy Zulick, senior vice president with First Potomac, tells GlobeSt.com, adding that the deal was quickly put together to accommodate Citicorp’s schedule. “They wanted to close to deal quickly and we were able to put it to bed within 30 days,” he says.

[IMGCAP(2)]Citicorp will occupy part of the second floor in the third quarter of 2008 with a lease term of 10 years. A 127,625-sf property, Norfolk Commerce Center II consists of two buildings that were built in 1990. It sits on 8.9 acres and includes four load docks. The asking rate for the space, before it became fully occupied, was $17 per sf.

Velocity has been fairly good in the Norfolk market, Zulick reports. “We have been happy with our acquisitions there and the tenants we have in those buildings.” First Potomac also owns Gateway II, a 42,429-sf flex building on 2550 Ellsmere Ave. here, and the Norfolk Business Center, a 90,000-sf flex on 2551 Eltham Ave.

First Potomac does not have concrete plans to make any additional acquisitions in the market, Zulick says, although it is constantly vetting prospective properties. “We actively review two or three properties a week,” he says. In fact the company has not acquired any new product since 2007. “The capital markets have been in disarray and pricing is out of whack,” he says. Zulick is hopeful that the second half of 2008 will present better buying opportunities.

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.