Bethesda-based First Potomac Realty Trust (NYSE: FPO) continues to be one of the most active real estate investment trusts in the region conducting large transactions from in the past several months from the NoMa district in D.C. to Sourthern Virginia and now in the Baltimore area.
The office and industrial focused company said it has completed a lease transaction with a large chunk of space in Hanover, Md.
The property at 7458 Candlewood Road is a 295,673-square-foot industrial warehouse facility, developed by Mercedes-Benz in 1985 and has grown since with an 110,811-square-foot expansion in 2009. First Potomac Realty Trust purchased the property in late 2010, a large section of space was left empty soon-after tenant Frank Parsons Paper filled for bankruptcy in early 2011.
New tenant DTLR has been signed to lease the majority of the vacant space and will expand to occupy 139,690 square feet. With the transaction, 7458 Candlewood Road is now 85% leased.
Tim Zulick, Senior Vice President of Leasing for First Potomac Realty Trust, noted the fast lease transaction speaks to the strength of Baltimore-Washington Corridor industrial market.