The Washington Post
First Potomac Buys Offices in Annapolis
Bethesda-based First Potomac Realty Trust said it made its first buy in the Annapolis market by purchasing a two-building office for $10.1 million from an undisclosed seller.
Including the assumption of a $9.2 million first mortgage, the purchase price is $19.3 million.
The two offices that make up Annapolis Commerce Park East span 101,302 square feet and are fully occupied by four tenants, including the state of Maryland.
The acquisition was funded by the issuance of 72,159 units in First Potomac’s operating partnership valued at $24.45 per unit and $8.3 million in cash.