First Potomac Sells Tysons Offices To Fund Share RedemptionBy
It’s always a full house at RealShare Philadelphia. The Union League, February 9.
TYSONS, VA—First Potomac Realty Trust is selling two offices and plans to use the proceeds to help fund its previously announced share redemption transaction.
The properties are Cedar Hill I and III, which are trading for gross proceeds of $27.3 million. They are three-story office buildings totaling 102,632 square feet. They are both fully leased.
First Potomac acquired the Cedar Hill buildings in 2011 for $22.8 million. At the time of purchase, the REIT calculated that these buildings would generate an initial un-leveraged return on the purchase price of 8.7% on a cash basis…
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