DSC Partners pays $167m for Virgina industrial portfolio
DSC Partners has paid $167m for a Virgina industrial portfolio. Totaling 1.64 million sq ft, the assemblage includes a combination of 15 single-story office, flex and industrial properties in Norfolk. The portfolio was previously owned by First Potomac Realty Trust, which DSC founders and partners Douglas Donatelli and Nick Smith established in 1997 and ran until 2015. Tenants across the 15 buildings include the US government, Sentara Healthcare, General Dynamics, First Data Corporation, Leidos, Siemens and Citigroup. The overall portfolio has averaged 91 percent occupancy over the last 10 years and 93 percent occupancy the last five years. DSC Partners has retained Transwestern to provide property management services and CBRE to lease the properties.
“We made our first acquisition in the Hampton Roads region in 1999 and have always enjoyed being part of the strong and growing market. We are thrilled to be buying back these properties, with which we are intimately familiar, and believe these are an ideal opportunity for our growing company,” said Doug Donatelli, co-founder and partner of DSC. “It fits squarely into our model for strategic acquisition across the greater Mid-Atlantic region and allows us to re-establish relationships with brokers, employees and tenants, which we have had for almost 20 years.”