(To read more on the industrial market, click here.)
WASHINGTON, DC-Another day, another acquisition for WashingtonReal Estate Investment Trust. Continuing its acquisition spree, thecompany has acquired 6565 Arlington Blvd., a five-story, 139,589-sfoffice building in Falls Church, VA for $30 million.
The property is currently 82% occupied with four tenants. WRITexpects to achieve a first-year unleveraged yield of 6.8% on a cashbasis and 7.2% on a GAAP basis. The building has the potential foran aggressive lease-up, WRIT has said in a statement. Anotherpossibility is the additional development of approximately 80,000sf.
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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.
