First Potomac Realty Trust has sold two Virginia properties, part of a larger strategy of disposing of $350 million worth of assets. Plaza 500, a 500,000 sqf industrial property in Alexandria, VA, was sold to Matan Companies for $75 million. The second sale, One Fair Oaks, provided gross proceeds of $13.7 million for the fully occupied 214,214 square foot office building in Fairfax. With these sales now closed, First Potomac has now sold approximately $295 million of the $350 million in non-core assets it’s seeking to offload. The proceeds are being used to pay off outstanding debt, in accordance with its strategic plan. Robert Milkovich, Chief Executive Officer of First Potomac Realty Trust said these dispositions were a crucial part of de-risking the company’s portfolio and maximizing asset values.
