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HAMPTON, VA-A warehouse/flex facility at 2000 Gateway Blvd. has changed hands in a transaction valued at just more than $14 million. First Potomac Realty Trust acquired the 421,100-sf building from Gateway Inc, which once used the property as its regional manufacturing and distribution headquarters.

The single-story structure, built in 1996, has been without a tenant since the computer company left the premises three years ago. Located just blocks from Interstate 64, the building occupies a 27-acre parcel in the Greater Norfolk market. According to Hampton real estate records, the property has a current assessed value of $16.9 million.

"The opportunity to acquire the property only occurred within the past few weeks, and we were able to move swiftly to secure the property at a price well below its replacement cost," First Potomac CEO Douglas J. Donatelli says. "We are implementing a leasing plan with the goal of leasing up the property over the next 18 to 24 months. The strength of the regional market and our existing tenant relationships give us confidence that we can accomplish this goal."