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First Potomac Under Contract To Sell Two Maryland Office Properties


As First Potomac Realty Trust continues its disposition strategy and nears its goal of $350M in sales, the REIT is under contract to sell two Maryland office properties.  

First Potomac is selling its 50% stake in Aviation Business Park and its 25% stake in Rivers Park I and II, CEO Bob Milkovich announced on an earnings call Friday morning. It entered into contracts for each property in January and expects both deals to close in March.

Aviation Business Park is composed of three, one-story buildings totaling 120k SF in Glen Burnie that was 69.8% occupied at year-end. Rivers Park I and II combine for 308k SF in Columbia and ended 2016 at 82.9% occupancy. 

Milkovich could not announce the sale price or buyer for either property until the sales close, but they are expected to combine for $15M to $20M. Prior to these sales, First Potomac had sold $295M of the $350M disposition goal it set early last year, and he estimated these deals would bring it to $310M or $315M. 

Already this year, First Potomac has sold the newly vacant One Fair Oaks office building in Fairfax for $14M and Plaza 500, a 503k SF NoVa industrial property, for $75M.