First Potomac Realty Trust (FPO) announced it has entered into two separate contracts to sell a portfolio of 24 industrial properties, which consists of about 4.3 million square feet. The aggregate sales price under the contracts is $259 million.
The majority of the industrial portfolio, representing approximately 4.0 million square feet, is being sold to an affiliate of Blackstone Real Estate Partners VII for a purchase price of $241.5 million. Following the acquisition, the properties being acquired by Blackstone will be managed by IndCor Properties - Blackstone's national industrial portfolio company.
The 4.0 million square feet being sold to Blackstone is comprised of 23 institutional-quality industrial properties. Sixteen of those assets, representing approximately 2.6 million square feet, are located in Southern Virginia and the remaining seven are located in the Baltimore, Maryland and Washington, D.C. submarkets. Blackstone has secured the contract with a $15 million deposit. The transaction is expected to close by the end of the second quarter of 2013 subject to customary closing conditions.
I-66 Commerce Center, a 236,000 square foot property in Haymarket, Virginia, was sold separately to Corporate Office Properties Trust (OFC) on May 7, 2013, for $17.5 million, and brings the aggregate sales price of the industrial portfolio to $259 million.
The company intends to use the proceeds from the sale of its industrial portfolio to repay outstanding debt, improve balance sheet flexibility and take advantage of future opportunities to acquire high-quality office properties in the Washington, D.C. region.
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