A Bethesda-based real estate investment trust has sold a development site in Washington as part of its strategy to sell off $350 million in property to reduce risk in its portfolio.
First Potomac Realty Trust has sold Storey Park, a development site in the NoMa neighborhood, to 1005 First LLC for $54.5 million. The trust owned a 97 percent economic interest in the property.
Since announcing its strategy to sell some of its holdings, First Potomac has sold more than $200 million in property, putting it more than halfway to its goal. The firm used some proceeds from the sale to pay off a $22 million land loan on the property and the rest to repay unsecured debt.