14-Property Portfolio To Get Snapped Up for $123M

BETHESDA, MD-First Potomac Realty Trust has struck a deal, a very big deal, to purchase a mixed-use 14-property portfolio predominantly in the Suburban Maryland area of Metropolitan Washington, DC for $123 million. The properties involved in the acquisition agreement with an unnamed seller account for 1.4 million sf of flex facilities, industrial sites, office space and retail space. The multi-million price tag on the portfolio includes a $78-million fixed-rate first mortgage loan, which the locally based REIT will assume.

According to First Potomac, the majority of the portfolio is in suburban Maryland’s I-270 Corridor, a 30-mile stretch along the interstate that spans the cities of Rockville, North Rockville, Gaithersburg, Germantown, Clarksburg and Frederick. Seven of the properties are flex facilities totaling nearly 700,000 sf, and three other properties are industrial sites that account for 370,000 sf. The package also includes about 130,000 sf of office space spread out among three structures, and one 200,000-sf retail site. First Potomac officials did not respond to inquiries regarding specifics on the properties and the seller by deadline.