First Potomac Selling NoMa Land, 9 NoVa Office Properties
As part of its strategy to improve performance and create value, First Potomac Realty Trust has placed nine of its properties in Northern Virginia on the market. It also plans to sell its majority stake in Storey Park in NoMA, which has density for up to 712k SF of mixed-use development. According to CEO Doug Donatelli, the NoVa portfolio and Storey Park will not be the last assets it tries to sell either: more deals are coming.
HFF has been tasked with marketing the properties, which total about 1.2M SF. The largest property in the portfolio is the Newington Business Park Center, a 255k SF industrial property in Lorton. Others include the 155k SF Enterprise Center, an office property in Chantilly. First Potomac has hired Sage Capital Advisors to market Storey Park.
The company announced plans in July to reduce its holdings and create value by selling $200M worth of assets. It hopes to close the sale of the Northern Virginia properties by the end of this year or in early 2016. [MHN]