In Norfolk, VA, First Potomac closed on the purchase of two flex buildings--the 128,000-sf Norfolk Commerce Park II and the 95,000-sf Crossways II--for a total of $18.5 million. The buildings were 94% and 100% leased, respectively, at the time of the transaction. In Haymarket, VA, First Potomac spent $10.8 million to buy the 124,000-sf, fully leased industrial structure at 15395 John Marshall Highway. The deal included a parcel at the site that can be developed to accommodate a building as large as 80,000 sf.

"These three properties are a natural fit with our growing portfolio," says First Potomac CEO Douglas J. Donatelli. "With the acquisition of John Marshall Highway, we gain access to this market at a strong initial return along with the opportunity to expand the property in the future. The properties in the Norfolk market offer us another opportunity to expand our investment in this exceptional industrial and flex market."

And while the deal hasn't yet reached completion, First Potomac has signed a definitive agreement to purchase the four-structure, 190,000-sf flex Campus at Metro Park North in Rockville, MD, and the 215,000-sf industrial building at 4612 Navistar Dr. in Frederick, MD. It will pay $63 million for both properties, which are leased to maximum capacity.