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First Potomac Continues Portfolio Lease Up

CHESAPEAKE, VA-The REIT is inking a 75,000-sf lease with FedEx and is bringing another nearby property to full occupancy.

By Erika Morphy | Updated on July 31, 2008

CHESAPEAKE, VA-First Potomac Realty Trust has inked two leases in this submarket, one of which brings the building to full occupancy. At 1920 Campostella Rd. in First Potomac’s Diamond Hill Distribution Center, FedEx has signed a five-year lease to occupy 75,000 sf, bringing the building’s occupancy rate to 81%. At 1408 Stephanie Way, 7-Eleven signed a seven-year lease for 17,000 sf, bringing the building to full occupancy. First Potomac did not return calls in time for deadline.

The FedEx lease is part of the company’s national expansion plan, which encompasses the opening of seven new hubs and the expansion of 21 hubs and 230 local facilities by 2013. FedEx will be basing its Home Delivery service in the Diamond Hill Distribution Center–a four-building industrial park that totals 712,500 sf on 37.43 acres of land, located next to Route 64–after scheduled renovations are complete in Q4 2008. Currently these operations occupy a 32,000-sf facility in Norfolk. The 7-Eleven lease is in a single-story office building totaling 51,209 sf on 3.9 acres of land, located within walking distance of several other First Potomac properties.

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