According to real estate records for the City of Alexandria, the property has a current assessed value of approximately $20.7 million. Located at 4660 Kenmore Ave., Alexandria Professional Center is close to Interstate 395 and a few blocks from Inova Alexandria Hospital. The building features a three-level parking facility, and a small amount of ground level retail that currently houses a restaurant and optician.
A 12-story structure, the center is fully leased with a tenant roster of 36 that includes Inova and a number of small-tenant medical office users. "The medical office market is excellent with little to no new construction activity and strong demand," WRIT officials note in the REIT's 2005 annual report, dated March 16 of this year. "This is reflected in our medical office portfolio which is 99% leased at year end."
WRIT relied on its line of credit to fund the acquisition. In 2005, the company extended and increased its existing credit facility to 2008 for $70 million. The purchase brings WRIT's medical office property holdings up to eight.
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