WASHINGTON, DC-As it said it would in October, the Washington Real Estate Investment Trust has closed on the first two of four transactions in the sale of its 1.5-million-square foot medical office portfolio. These first two transactions for the medical office portfolio comprise approximately 877,000 square feet, along with two office assets, for a total of approximately 216,000 square feet. The sale proceeds for the two transactions totaled $307.2 million, or $281 per square foot.
The first sale transaction included 2440 M St., Alexandria Professional Center, Woodholme Medical Office Building, 9850 Key West Ave., 15001 Shady Grove Rd., 15005 Shady Grove Rd., 6565 Arlington Blvd., 19500 at Riverside Office Park, 9707 Medical Center Dr., Woodholme Center, CentreMed I & II, Ashburn Farm I, II and III, 8301 Arlington Blvd. and Sterling Medical Office Building. The second transaction included 4661 Kenmore Ave., a land parcel that is being utilized as off-site/overflow parking for the Alexandria Professional Center. The buyer is Harrison Street Real Estate Capital, LLC.
WRIT's remaining medical office properties are also under two additional contracts with Harrison Street Real Estate Capital, LLC. The Woodburn I & II will close on or about January 31, 2014 for approximately $79 million, and Prosperity I, II and III will close on or about January 31, 2014 for approximately $114.6 million.
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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.
