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.

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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.

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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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The sale is part of a larger strategy by WRIT to recycle capitalinto more modern assets--those that are located near transportationcenters or affiliated with BRAC trends, says CEO George McKenzie.Recently, WRIT acquired twooffice buildings within Quantico Corporate Center for$68 million. Situated adjacent to the Marine Corps Base inQuantico, VA, the park is a prime beneficiary of BRAC. At the time,McKenzie said WRIT might consider developing properties in the parkor making additional acquisitions.

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