ROCKVILLE, MD-First Potomac is setting about closing the deals it announce it had under contract last week when it went to market to raise $155 million.
It has closed on a 90% stake in Redland Corporate Center II and III for $12 million. Perseus Realty is retaining its 10% interest in the joint venture. First Potomac also contributed capital to the joint venture on which it will receive a preferred return to retire a $71-million first mortgage loan on the property.
Redland Corporate Center III is a 139,120 square foot building, 100% leased through 2020 to BAE Systems, with estimated 2011 net operating income of $3.6 million. Its sister building--the 208,342-square-foot Redland Corporate Center II--is 99% vacant. Both are LEED Gold certified.
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