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First Potomac Sells Plaza 500, One Fair Oaks for $89M

BETHESDA, MD--The REIT's first phase of its strategic plan calls for $350 million in non-core sales.

By Erika Morphy | erikamorphy | Updated on February 21, 2017

A First Potomac holding A First Potomac holding

BETHESDA, MD–First Potomac Realty Trust has sold two properties in Northern Virginia for a total of $88.7 million, bringing the REIT within a stone’s throw of its goal to make $350 million in non-core sales under its strategic plan.

First Potomac has sold Plaza 500 to the Matan Cos. for gross proceeds of $75 million. It also has sold One Fair Oaks for gross proceeds of $13.7 million. Plaza 500 is a two-building 502,830 square foot industrial property in Alexandria that was 90.5% leased as of September 2016. (As an aside, in October 2016 Newmark Grubb Knight Frank represented Paxton Van Lines in a lease renewal and 36,127 square foot expansion at Plaza 500. Its original 107,313-square-foot lease transaction was three years ago.). The 214,214-square foot One Fair Oaks was fully occupied by CACI International through December 31, 2016.

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