STERLING, VA-Select Income REIT has acquired an office asset here for $85.6 million in cash. The seller was Prudential Real Estate Investors. HFF brokered the deal. The property is 100% leased to Orbital Sciences Corp. on a long-term basis. It serves as the company's global headquarters. The property is situated at the intersection of Warp Drive and Route 28 North approximately four miles north of Washington Dulles International Airport. It delivered in 2001.

This trade is one of a number the REIT has made this year. In its Q3 earnings call, president David Blackman noted that since July 1, Select Income has acquired seven properties containing almost 2 million square feet for $156.3 million, including the assumption of $26 million of mortgage debt. The average purchase price per square foot for these acquisitions was $79. The average acquisition cap rate was 10.6%, and the weighted average remaining lease term was 15.1 years.

Blackman also noted that as of Nov. 1, the REIT has entered agreements to acquire five properties containing 507,000 square feet for an aggregate contract price of $132.4 million. One of its under-agreement properties, he said, is a 50,000-square-foot land parcel located in the Mapunapuna area of Honolulu and adjacent to other land parcels it owns.