Government Properties Income Trust (NASDAQ: GOV) has completed the $167 million sale of a southern Virginia portfolio it picked up through its acquisition of First Potomac Realty Trust to a buyer that’s more than familiar with the commercial real estate.
DSC Partners LLC co-founders Doug Donatelli and Nick Smith, after all, previously acquired the very same properties for First Potomac prior to their 2015 departure from the Bethesda-based real estate investment trust they launched nearly two decades earlier. Government Properties disclosed plans to sell it and other former First Potomac assets in an October regulatory filing but did not identify DSC as the buyer for its southern Virginia portfolio at the time.
“It’s nice acquiring former First Potomac assets. It’s great re-engaging with former people— a lot of the people at DSC are former First Potomac — so it’s great to be getting the band back together so to speak,” Donatelli said.
DSC has retained Transwestern to manage…Read the full story from the Washington Business Journal.