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BETHESDA, MD-First Potomac Realty Trust just inked the first of what it expects to be many JV agreements last week with its erstwhile partner AEW. This particular deal–in which First Potomac has kicked-in a six-building 306,656-sf flex/office property it acquired this year–is valued at $42 million.

First Potomac, though, expects to form multiple such JVs over the course of 2009 with AEW to make additional acquisitions, First Potomac CEO Douglas J. Donatelli tells GlobeSt.com. “Our goal is to acquire roughly $100 million with them,” he says, adding that there is no specific agreement based on that number.

In this first JV–of which AEW owns 75%–First Potomac has contributed the Columbia, MD-based Rivers Park I & II at its original cost, generating approximately $12 million of proceeds for the REIT. First Potomac also received an acquisition fee and will continue to manage and lease the property. As part of the transaction, First Potomac will guarantee a three-year master lease agreement by the former owner for approximately 8% of the property. Wachovia Securities represented First Potomac in this transaction.

First Potomac has partnered with AEW many time before it went public five years ago, Donatelli says. This JV and the ones to come, “is a rekindling of that relationship.” The companies will be investing in “typical” First Potomac properties, such as business parks or industrial buildings with value-add characteristics in the greater Washington area, he says.

Besides providing a welcome pot of capital for local investment sales, this JV hopefully is auguring a return of buyers to the market. Rivers Park I and II was the first acquisition First Potomac had made in more than a year. The company had been sitting out the market, waiting for sellers to adopt more reasonable expectations towards pricing.

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