WRIT Completes Sale of Plumtree Professional Center

Washington Real Estate Investment Trust (WRIT), a real estate investment trust investing in income-producing properties in the greater Washington metro region, announced this week that it had completed the sale of Plumtree Professional Center for $8.75 million. Represented by Cassidy Turley, the 33,921-square foot, single-story medical office building was sold by WRIT to The Atkins Companies.

"As we continue to focus our investments in larger assets in areas closer to the Washington, DC urban core, Plumtree no longer fits into our strategic vision. The property has been a solid performer over the past six years, as evidenced by our 13% internal rate of return," said George F. "Skip" McKenzie, President and Chief Executive Officer of WRIT.

"This sale represented a rare opportunity for an investor to purchase a stable medical office property in the growing and affluent market of Harford County, Maryland," commented Jonathan M. Carpenter, Senior Vice President and Principal at Cassidy Turley. "Medical office assets remain attractive to both institutional and private investors due to their stable cash flows and irreplaceable locations near key healthcare demand drivers."

Plumtree Professional Center is located at 104 Plumtree Road in Bel Air, Maryland and was built in 1991. WRIT acquired the property in 2006 as part of a portfolio acquisition of four medical office buildings, achieving a net book gain of approximately $1.6 million according to a Baltimore Citybizlist report. At the time of sale, the building was fully leased to five unnamed tenants.

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