WRIT did not announce the seller, but according to local compsit acquired the building from Rreef. The building, Monument II, islocated at 2950 World Gate Dr. and was developed by Monument Realtyin partnership with Apollo Real Estate Advisors and Prudential RealEstate Investors. Tenants in the building include General Dynamicsand Lafarge North America.
WRIT says it expects to achieve a first-year, unleveraged yieldof 6.4% on a cash basis and 6.7% on a GAAP basis. WRIT is fundingthe trade with cash from its recent convertible debt offering and aline of credit.
Other recent sales in the submarket include Morristown, NJ-basedNormandy Real Estate Partners' acquisition of Northridge I, asix-story, 126,000-sf office building in the Woodland ParkDevelopment, for $33.7 million and Brandywine Realty Trust's$59-million purchase of 2251 Corporate Park Dr., also in WoodlandPark.
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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.
