WASHINGTON, DC-The first phase of Washington Real Estate Investment Trust’s sale of its industrial portfolio--roughly 2 million square feet in addition to two office properties--is complete. As GlobeSt.com previously reported, WRIT planned to sell the industrial portion of its portfolio to a then-unknown buyer in order to concentrate on its inside-the-beltway holdings.

The buyer, it turns out, is a joint venture between AREA Property Partners and the Adler Group. “We’ve already purchased a little under four million square feet of space before this of industrial transactions nationally and so while that was more bulk, this is slightly different product,” AREA partner Steve Wolf tells GlobeSt.com. “But the primary attraction was to be able to acquire this many assets in one transaction in a very strong market.” Wolf says that the group will focus on increasing occupancy rates and maintaining the credit worthiness of tenants.

This first phase of the sale includes 8880 Gorman Rd., Alban Business Center, Dulles South IV, the Fullerton Business Center, Pickett Industrial Park, NVIP I, 270 Technology Park, 8900 Telegraph Rd., 9950 Business Parkway, Albemarle Point, the Fullerton Industrial Center, Hampton South, Sully Square and Hampton Overlook. The Albemarle Point and Crescent office buildings are also included.

This fall, the remaining WRIT industrial properties, totaling $114.2 million, are expected to close as well. On or about October 3, 2011 $44.5 million is expected to close and on or about November 1, 2011 the remaining $69.7 million is expected to close.

“Completing this first phase of our industrial portfolio disposition provides WRIT the flexibility to invest in assets that better fit our long term strategy of acquiring properties inside the Beltway, near major transportation nodes and in areas with strong employment drivers and superior growth demographics,” WRIT CEO and president George “Skip” McKenzie said in a prepared statement. “We look forward to executing the two remaining industrial sales transactions in the coming months.”

WRIT didn’t return a call from GlobeSt.com in time for publication.