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First Potomac Realty Trust Completes $75 Million Sale of Plaza 500 in Alexandria

Matan Realty Acquires 502,000-SF Multi-Tenant Bldg. in NoVa
February 21, 2017
Continuing its effort to shed non-core assets, First Potomac Realty Trust (NYSE: FPO) has sold Plaza 500 in Alexandria, VA to Frederick, MD-based real estate investment firm Matan Realty for $75 million, or approximately $149 per square foot.

Plaza 500 is a 502,807-square-foot, two-story industrial complex located at 6295 Edsall Rd. just north of the Capital Beltway and in close proximity to I-395 and the Metro-Van Dorn Street station in Northern Virginia's Springfield Industrial submarket.

Completed in 1971 and renovated in 1989, the complex is currently 90.5% leased to a tenant roster that includes Verizon, Smoot Design Gallery and Paxton Cos., according to CoStar information.

For FPO, the sale is part of the first phase of the company's plan to sell $350 million of non-core commercial real estate.

That first phase included the sale One Fair Oaks, a 218,574-square-foot office building located at 4114 Legato Rd. in Fairfax, VA that sold last month for $13.7 million. That property had been fully occupied by federal contractor CACI International through December 31, 2016.

According to company CEO Robert Milkovich, FPO will recycle proceeds from both of these sales to retire its Series A Preferred Shares and pay down debt. So far, the company has sold nearly $300 million of its stated $350 million goal.

Paul Collins, William Collins, Drew Flood, Eric Berkman and Shaun Weinberg of Cushman & Wakefield handled the sale of Plaza 500 for FPO. For more information, please see CoStar COMP #3837729.

Andrew Weir, James Meisel, Dek Potts, Stephen Conley and Matt Nicholson of HFF represented FPO in the sale of One Fair Oaks. For more information on that transaction, please see CoStar Comp # 3803125.
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