STAFFORD, VA-The Washington Real Estate Investment Trust hasacquired two office buildings within Quantico Corporate Centerfor $68 million. The newly constructed, four-story buildingstotal approximately 271,000 square feet are fully leased to 14tenants, including BAE Systems, General Dynamics andMITRE.
Located at 925 and 1000 Corporate Dr., they are the first twooffice buildings at the Quantico Corporate Center office park.WRIT funded the purchase with cash and its line of credit. TheREIT expects to achieve a first-year unleveraged yield of 8.8%on a cash basis.
Situated adjacent to Marine Corps Base Quantico, the park is aprime beneficiary of BRAC, which directed five militarydepartment investigative agencies to co-locate at the Quanticobase by September 2011. The corporate office has the potentialto develop one million square feet of commercial mixed-usespace--a possibility that WRIT might explore, according to CEOGeorge McKenzie, along with additional acquisitions.
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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.
