ROCKVILLE, MD-A 229,000-square-foot office and industrial portfolio here has traded for $23.4 million. The seller is Washington Real Investment Trust, which has booked a net gain of $7.9 million for the transaction. PS Business Parks acquired the portfolio. Bruce Strasburg with CB Richard Ellis was the broker on this transaction.
The portfolio consists of the Lexington Building at 11900 Parklawn Dr.; the Saratoga Building at 11820 Parklawn Dr.; Parklawn Plaza at 11821 Parklawn Dr.; and Charleston Business Center at 11900-82 Coakley Circle. WRIT acquired the Lexington Building, Saratoga Building and Charleston Business Center in 1993 as a portfolio. Parklawn Plaza was built in 1986 and purchased by the REIT in 1999.
The park is 70.6% leased to 59 tenants. The acquisition brings PS Business Park’s Maryland portfolio to 2.4 million square feet of multi-tenant office and flex space.
The sale is part of a larger strategy by WRIT to recycle capital into more modern assets--those that are located near transportation centers or affiliated with BRAC trends, says CEO George McKenzie. Recently, WRIT acquired two office buildings within Quantico Corporate Center for $68 million. Situated adjacent to the Marine Corps Base in Quantico, VA, the park is a prime beneficiary of BRAC. At the time, McKenzie said WRIT might consider developing properties in the park or making additional acquisitions.
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