ROCKVILLE, MD-A 229,000-square-foot office and industrialportfolio here has traded for $23.4 million. The seller isWashington Real Investment Trust, which has booked a net gain of$7.9 million for the transaction. PS Business Parks acquired theportfolio. Bruce Strasburg with CB Richard Ellis was the broker onthis transaction.
The portfolio consists of the Lexington Building at 11900Parklawn Dr.; the Saratoga Building at 11820 Parklawn Dr.; ParklawnPlaza at 11821 Parklawn Dr.; and Charleston Business Center at11900-82 Coakley Circle. WRIT acquired the Lexington Building,Saratoga Building and Charleston Business Center in 1993 as aportfolio. Parklawn Plaza was built in 1986 and purchased by theREIT in 1999.
The park is 70.6% leased to 59 tenants. The acquisition bringsPS Business Park’s Maryland portfolio to 2.4 million square feet ofmulti-tenant office and flex space.
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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.
