First Potomac Realty Trust, a Bethesda-based real estate investment trust, announced that has acquired the Ammendale Commerce Center in Beltsville, for $10.2 million in cash.
Located near First Potomac?s Indian Creek property, the center consists of three multi-use buildings totaling about 129,358 square feet of space. Two of the buildings are 100 percent leased, and are expected to generate an unleveraged return of about 8.1 percent.
“This transaction allows us to expand our presence in the Beltsville market with a blend of income-producing buildings and re-leasing opportunities,” Nicholas Smith, chief investment officer of First Potomac, said in a statement. “With occupancy improving in the market and important roadway improvements under way nearby, including a new off-ramp at I-95, these properties are well positioned to meet anticipated future demand.”
As of Wednesday, shares of First Potomac were trading at $28.76, down 20 cents.
