ROCKVILLE, MD-Washington Real Estate Investment Trust has acquired a 101,741-sf industrial warehouse in Washington Business Park in Prince George’s County, MD for $11.7 million. WRIT funded the acquisition through its line of credit.

The warehouse, located at 9950 Business Parkway, is 79% leased to two large national tenants, Dal-Tile Corp. and Brook Furniture Rental. It is expected to produce a 5.9% initial yield that will increase to 7.2% upon lease-up of the remaining vacant space.WRIT has a strong presence in the Washington area’s industrial sector. In February, it acquired Hampton Overlook and Hampton South, a portfolio of five warehouses totaling 303,000 sf in Capital Heights, MD.

WRIT also has devoted significant resources to diversifying its portfolio into the medical office sector in recent months. It bought the Alexandria Professional Center, a 113,000-sf medical office property that is 100% leased to 36 medical tenants; two buildings in a fully leased, four-building portfolio; and a 33,000-sf medical building in Bel Air, MD, which is 100% leased to five tenants.

“WRIT now owns the best medical office portfolio in the Washington DC metro area,” WRIT’s CEO Edmund Cronin Jr. said during a recent earnings call. “The portfolio will consist of 826,000 sf, is 99% leased and is concentrated around three of the fastest-growing, financially stable acute-care hospitals in the region.”

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