First Potomac Realty Trust have closed on the sale of two properties located in Columbia and Glen Burnie, Maryland, to an Adler Kawa Real Estate Advisors affiliate for gross proceeds of $59.5 million. The two assets, Rivers Park I and II and Aviation Business Park, which total 428,268 sqf, were owned in unconsolidated joint ventures with an affiliate of AEW Capital Management. First Potomac owned a 25 percent interest in Rivers Park I and II, located in Columbia, Maryland, and a 50 percent interest in Aviation Business Park, located in Glen Burnie, Maryland. First Potomac’s share of the gross proceeds from the sales ($18.975 million), were utilized to pay down its share of mortgage debt on the properties and for general corporate purposes.
“The sale of these joint venture assets represents continued execution of our strategic plan, and marks another meaningful step forward at FPO,” said Robert Milkovich, Chief Executive Officer of First Potomac Realty Trust. “In 2017, we have generated over $100 million of proceeds…and have now sold $311 million of assets towards our stated goal of $350 million. As we progress through 2017, we remain focused on completion of our strategic plan and driving long term value for our shareholders.”
