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First Potomac Realty Trust Purchases 7458 Candlewood Road

Ed Palmedo

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First Potomac Realty Trust, a leading owner of office and industrial properties in the greater Washington, DC region, today announced that it acquired 7458 Candlewood Road in Hanover, Maryland, on December 29, 2010 for a purchase price of $22.6 million. The 295,673-square-foot warehouse facility is located in close proximity to Baltimore-Washington International (BWI) Airport.


"We are pleased to add this warehouse facility in the heart of the Baltimore-Washington Corridor to our portfolio".


The original 184,862-square-foot building was developed in 1985 by Mercedes-Benz and was expanded by 110,811 square feet in 2009. The acquisition was financed through the assumption of a $14.7 million first mortgage loan and a draw on the Company’s revolving credit facility. Additionally, First Potomac Realty Trust announced that on December 29, 2010, it acquired, through a 50-50 joint venture with AEW Capital Management, L.P, title to Aviation Business Park, a three-building office park totaling 121,000 square-feet adjacent to BWI Airport. The Company previously announced that it had acquired the first mortgage loan secured by the property for $8.0 million.

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