Doug Donatelli, Nick Smith Pay $167M For Virginia Portfolio They Once Owned At First Potomac
Two founders of First Potomac Realty Trust, who launched another firm in 2017 after their departure from First Potomac, just acquired a major Virginia portfolio for the second time.
The portfolio consists of one-story office, flex and industrial properties in both Chesapeake and Norfolk, Virginia. The properties sit about 200 miles from D.C., where DSC Partners is based. DSC bought the portfolio from Government Properties Income Trust, the REIT that acquired First Potomac last year.
Donatelli and Smith, who founded First Potomac in 1997, first acquired the portfolio on behalf of the company in 1999. They launched DSC in July 2017 and have acquired several other major assets, including a $100M Downtown D.C. office building.
“We made our first acquisition in the Hampton Roads region in 1999 and have always enjoyed being part of the strong and growing market," Donatelli said in a release. "We are thrilled to be buying back these properties, with which we are intimately familiar, and believe these are an ideal opportunity for our growing company.”