WASHINGTON, DC-Washington Real Estate Investment Trust has completed the last two sale transactions of its medical office portfolio sale of $500.8 million to Harrison Street Real Estate Capital.
These separate transactions were the sale of Woodburn I & II and Prosperity I, II and III for an aggregate sales price of $193.6 million, or $453 per square foot. The first two medical office portfolio transactions closed in November 2013 for $307.2 million.
This was the largest disposition—transaction in fact—in the REIT's 53-year history, CEO Paul T. McDermott noted in a prepared statement. "With the sale completed we look forward to strategically repositioning the portfolio even further," he says.
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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.
