DTZ Arranges Financing For Baker’s New Portfolio

Earlier this year, First Potomac Realty Trust sold its last remaining properties in the Richmond region for $60.3 million. At that time, the company did not reveal the name of the buyer. However, it has now come to light that Baker Properties LP, a division of the White Plains, N.Y.-based Baker Companies, specializing in commercial real estate development and acquisitions of warehouse and flex buildings, acquired the six-business park portfolio.

Earlier this year, First Potomac Realty Trust sold its last remaining properties in the Richmond region for $60.3 million. The buyer’s identity was not revealed at the time, but it has now been disclosed: Baker Properties LP, a division of White Plains, N.Y.-based Baker Cos., is the new owner of the six business parks comprising 827,925 square feet of office, flex and industrial buildings.

Baker Properties’ new assets include Chesterfield Business Center, Airpark Business Center and Pine Glen in Chesterfield County; Park Central and Virginia Technology Center in Henrico County; and the Hanover Business Center in Hanover County. The portfolio is a mix of 19 single-story buildings and is located close to major highways, such as I-95, I-295 and I-64, and to airports. DTZ, which represented First Potomac, reported in early May that it has secured $38 million in financing for the portfolio from BNY Mellon. According to DTZ, the portfolio is currently 85 percent leased.