First Potomac Nets $259M In DC Industrial Portfolio Sale

Law360, New York (May 20, 2013, 2:24 PM EDT) -- First Potomac Realty Trust has entered into two separate deals to sell a 24-property industrial portfolio in the Washington, D.C., area for a total of $259 million, mostly to a Blackstone Real Estate Partners VII LP affiliate, the company announced Monday.

The majority of the 4.3 million-square-foot portfolio, located in the Washington, D.C., area, will be sold to Blackstone for $214.5 million and managed by its national industrial portfolio company IndCor Properties Inc., according to First Potomac, which is exiting the industrial sector to focus on...
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