First Potomac Realty Trust recently purchased two flex properties in separate transactions in Maryland and Virginia, bringing its total portfolio to more than 10 million square feet.
The total value of the transactions was $28.9 million.
In Beltsville, Md., First Potomac purchased Indian Creek Court, a four-building flex property totaling 186,691 square feet. The property was 84 percent leased at the time of sale to seven tenants; price at purchase was $23.5 million.
In Sterling, Va., First Potomac acquired 22446 Davis Drive, a 52,581-square-foot flex building located in the Sterling Park Business Center. The property was 86 percent leased to six tenants at the time of sale, with a purchase price of $5.4 million.
First Potomac Realty Trust is a real estate investment trust that focuses on owning and operating industrial and flex properties in the Washington, D.C., metropolitan area and other major markets in Virginia and Maryland.