Washington RealEstate Investment Trust has found an institutional buyer for itssix-building suburban office portfolio in Maryland more than three months sincerumors about the planned sale emerged.
The company, in reporting its first-quarter results, said itwill sell the portfolio in two separate transactions for $240 million. Thefirst transaction is expected to be completed late in the second quarter and thesecond is anticipated to close late during the third quarter.
Washington REIT did not disclose the institutional buyer inits earnings release, but the WashingtonBusiness Journal reported that the company agreed to sell the roughly 1.2million-square-foot portfolio to a BrookfieldProperty Partners LP affiliate.
Separately, the company said it agreed to buy a 1,222-unitapartment community in Alexandria, Va., dubbed Riverside Apartments, forroughly $244.8 million. The property, which sits on a 28-acre land, containsthree buildings with 15 stories. It includes on-site density for thedevelopment of about 550 additional units. The acquisition also offers avalue-add opportunity to modernize roughly 850 units to yield rental growth,the company noted.
Further, Washington REIT said it is under contract to sell aland parcel at Dulles Station in Herndon, Va. It expects to put one multifamilyproperty on the block later in 2016 to finalize its planned sales of suburbanMaryland assets. It is also marketing a suburban office asset to gauge investorinterest.
As previously reported, the Maryland portfolio comprisesWayne Plaza at962 Wayne Ave. in Silver Spring; OneCentral Plaza at 11300 Rockville Pike in North Bethesda; at 600Jefferson Plaza in Rockville; and WestGude Office Park at 20, 30, 40 and 50 W. Gude Drive in Shady Grove.The properties at 6110 Executive Blvd. in North Bethesda and in Rockville arealso believed to be up for grabs.