Washington Real Estate Investment Trust (WRIT), the oldest publicly traded REIT in the country, has entered into several contracts with a single buyer to sell off its entire industrial portfolio along with two office properties. The $350 million portfolio, totalling roughly 3.1 million square feet, was picked up by AP AG Portfolio LLC, a partnership led by AREA Property Partners Value Enhancement Fund VII LP and Adler Group Inc. according to a CoStar report.
The contracts consist of five separate purchase and sale agreements, each covering one or more separate assets. Three of the contracts (which aggregate to $235.7 million of assets) are expected to close on or about September 1, 2011. An additional contract (representing $44.6 million of assets) is expected to close on or about October 3, 2011. The final contract (representing $69.7 million of assets) is expected to close on or about November 1, 2011.
"In initiating these sale transactions, WRIT has taken a major step towards executing on a strategic goal we set for ourselves at the beginning of the year. Having our industrial portfolio under these contracts enables us to focus our attention on redeploying expected sales proceeds in assets that better fit our long term strategy of acquiring properties inside the Beltway, near major transportation nodes and in areas with strong employment drivers and superior growth demographics," said George F. "Skip" McKenzie, President and CEO of WRIT.
For more news and information visit Blumberg Capital Partners.
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