WASHINGTON, DC-REITs such as Washington Real Estate InvestmentTrust and First Potomac Realty appear to be entering a stepped upcycle of acquisitions and dispositions. Recent activity points tothat - as do the companies’ newly-released earningsreports.
WRIT, for instance, in the past quarter purchased two buildingsat Quantico, VA; for $68 million and sold a building inRockville, MD; for $23.4 million . "Investmentopportunities in the Washington, DC market are steadily increasing,and we are pleased to be returning to the fundamental real estatebusiness of buying and selling buildings," said George "Skip"McKenzie, president and CEO of WRIT, as he released the company’searnings.
WRIT, he says, has entered into a new strategy of recyclingcapital into more modern assets inside the Beltway, near majortransportation nodes, or with Base Realignment and Closure (BRAC)initiatives or other significant employment drivers in the greatermetro area.
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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.
