Deals
Blackstone to Buy 23 First Potomac Warehouses for $241.5 Million
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Blackstone Group LP agreed to buy 23 industrial properties in southern Virginia and the Washington and Baltimore metropolitan areas from First Potomac Realty Trust for $241.5 million.
Blackstone placed a $15 million deposit to acquire the properties, which comprise about 4 million square feet (370,000 square meters), Bethesda, Maryland-based First Potomac said today in a statement. The purchase was made by an affiliate of Blackstone Real Estate Partners VII, the New York-based firm’s record $13.3 billion fund.