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Bethesda-based First Potomac Realty Trust, which owns and operates office and business park properties in the greater Washington region, has sold a Virginia property for $32.5 million.
The company sold Newington Business Park Center, a seven-building, 256,000 square foot industrial property in Lorton, to an affiliate of Velsor Properties, LLC.
The sale is part of First Potomac’s plan to reduce risk in its portfolio, strengthen its balance sheet and cut overhead by selling at least $200 million of its assets, the company said in a statement.
Proceeds from the sale of Newington Business Park Center will help fund a part of the 2.2 million preferred share redemption that the Company announced on Dec. 18, which is set for Jan. 19, 2016.
