WRIT did not announce the seller, but according to local comps it acquired the building from Rreef. The building, Monument II, is located at 2950 World Gate Dr. and was developed by Monument Realty in partnership with Apollo Real Estate Advisors and Prudential Real Estate Investors. Tenants in the building include General Dynamics and Lafarge North America.
WRIT says it expects to achieve a first-year, unleveraged yield of 6.4% on a cash basis and 6.7% on a GAAP basis. WRIT is funding the trade with cash from its recent convertible debt offering and a line of credit.
Other recent sales in the submarket include Morristown, NJ-based Normandy Real Estate Partners' acquisition of Northridge I, a six-story, 126,000-sf office building in the Woodland Park Development, for $33.7 million and Brandywine Realty Trust's $59-million purchase of 2251 Corporate Park Dr., also in Woodland Park.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
