First Potomac Closes $63M Industrial/Flex Purchases

BETHESDA, MD-Campus at Metro Park North, a 190,000-sf multi-structure flex complex in Rockville, and the 215,000-sf industrial building at 4612 Navistar Dr. are officially part of First Potomac Realty Trust’s portfolio now that the Bethesda-based REIT has closed the $63 million acquisition of the properties. The transaction included First Potomac’s assumption of two mortgages accounting for $37 million at an interest rate of 7.24%. Both properties are leased to maximum capacity.

“Metro Park North and Navistar Dr. allow us to expand our presence in suburban Maryland,” First Potomac CEO Douglas J. Donatelli notes. “The properties have strong tenancy and were recently constructed, and we expect them to generate solid returns over both the short and long term.” They also further solidify our already strong portfolio, which is more than 95% leased, and will allow us to focus on more opportunistic acquisitions in 2005.”