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First Potomac Closes on Redlands Stake for $12M

ROCKVILLE, MD-The REIT is acquiring a 90% stake in the building from Perseus Realty.

By Erika Morphy   | Updated on November 12, 2010

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.

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