Four Points and Greencourt Capital have acquired Storey Park, a mixed use development site located in the NoMa submarket of Washington, D.C. through a $52.7 million deal. The sellers, First Potomac and Perseus Realty purchased the land in August 2011 through a joint venture in which First Potomac had a 97 percent share. The joint venture utilized proceeds from the sale to repay the $22 million land loan at the property, and First Potomac used its portion of the remaining proceeds to repay outstanding borrowings on its unsecured revolving credit facility.
“The sale of Storey Park is an important milestone in our strategic plan and a significant step towards de-risking our portfolio and de-levering our balance sheet,” said Robert Milkovich, CEO of First Potomac Realty Trust. “We remain focused on accomplishing the additional goals we laid out to improve performance and maximize shareholder value, and we look forward to reporting second quarter results later this week.”
