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NoMa’s Storey Park Development Site Trading Hands For $55M


First Potomac Realty Trust has found a buyer for its majority stake in the Storey Park development site at 1005 First St NE in NoMa

The company acquired the site back in 2011 along with Perseus Realty, who held a 3% stake in the JV. Perseus is part of the investment group acquiring the site for $54.5M, GlobeSt reports. Perseus declined to comment.

Four Points and Greencourt Capital round out the partnership acquiring the site, which used to be home to a Greyhound Bus Terminal. First Potomac has been actively marketing the site, which has density and approvals for more than 700k SF of mixed-use development. 

The project is a true-mixed use, with apartments in one building and offices in the other, all over tens of thousands of square feet of retail. First Potomac and Perseus had been waiting for an office anchor before starting construction on both pieces. Perseus declined to comment for the story. The sale is expected to close at the end of July.

The Storey Park sale is part of First Potomac’s overall strategy to improve performance and create value, and it’s not the only asset they have unloaded to make that happen. Earlier this year, the company sold a 26-building, 950k SF portfolio consisting of office, flex and warehouse property in NoVa to Finmarc Management for $96M.

First Potomac CEO Bob Milkovich will also be a speaker at Bisnow's DC State of the Market Part II on June 29. [GS]