Per a news by bizjournals.com, First Potomac Realty Trust’s FPO portfolio of 26 Northern Virginia buildings has been purchased by commercial real estate company, Finmarc Management Inc., for $96 million. This is part of the Bethesda, MD-based real estate investment trust’s strategy to re-position its portfolio to maximize the value of its assets. (Read more: First Potomac Reshaping to Tap Washington Office Market).
Per the news, First Potomac Realty’s new CEO Bob Malkovich, chalked out a detailed repositioning strategy last month. The plan involved disposition of around $350 million worth of commercial real estate across the region.
For Finmarc Management, this buyout is likely to be accretive as it strengthens its footing in the Northern Virginia market. In fact, the buildings purchased by Finmarc Management spans over total office, flex/office and warehouse space of around 950,000 square feet. Situated in Reston, Herndon, Manassas, Merrifield and Chantilly, 76% of the total space is leased to 70 tenants.
First Potomac Realty currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the REIT space include Douglas Emmett Inc DEI, DCT Industrial Trust Inc. DCT and Digital Realty Trust Inc. DLR. Each of these stocks holds a Zacks Rank #2 (Buy).
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