ROCKVILLE, MD-In a transaction valued at $67 million, Washington Real Estate Investment Trust has signed on to take over ownership of the four-building Shady Grove/Plumtree Medical Portfolio. Consisting of three medical office buildings in Rockville and one in Bel Air, MD, the fully occupied portfolio features an aggregate 175,300 sf of leasable space. The transaction includes WRIT’s assumption of existing debt totaling $19.4 million on three of the four properties.

WRIT has already closed on the acquisition of two of the Rockville properties, the 40,200-sf structure at 9707 Medical Center Dr., which was built on 3.3 acres in 1994, and the 55,000-sf facility at 15001 Shady Grove Rd., which was developed seven years ago on a nearly three-acre parcel. The REIT expects to complete the purchase of the remaining two properties–the 68,800-sf, three-year-old building at 15005 Shady Grove Rd. and Bel Air’s 35,000-sf, 15-year-old facility at 104 Plumtree Rd.–upon approval of the mortgage assumption arrangements.

The portfolio seller is an entity that owned the buildings under the respective names of SGMB LP, SGPC LLC, SGPC II LLC and Plumtree Partners LLC, according to Montgomery County and Harford County records. Marcus & Millichap represented the seller. Because of the relatively new ages of the buildings, WRIT CFO Sara Grootwassink tells GlobeSt.com, the company has no immediate plans to make changes to the properties.

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