Bethesda, MD-based First Potomac Realty Trust announced this week that it had sold two office buildings in Tyson's Corner, Virginia for gross proceeds of $27.3 million. Cedar Hill I and III were first acquired by First Potomac in 2011 from PNC Realty Investors, Inc. for $22.8 million; the company stated in a press release that proceeds from the sale will be utilized to fund the previously announced redemption of $2.2 million Series A preferred shares.
"As we continue to execute on phase one of our strategic plan to improve our portfolio and strengthen our balance sheet, the sale of Cedar Hill I and III, and the redemption of a portion of our preferred shares, reinforces our effort to create substantial value for our shareholders," said Robert Milkovich, CEO of First Potomac Realty Trust. Jones Lang LaSalle represented First Potomac in the sale of Cedar Hill I & III.
Cedar Hill I, located at 2222 Gallows Road, and Cedar Hill III, located at 2216 Gallows Road, are 100% leased primarily to the United States State Department's GSA through 2020 and 2019 respectively. The two three-story office buildings total 102,632 square feet and were constructed in the late 1980s. For more news and information visit Blumberg Partners.
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