September 15, 2011
By Barbra Murray, Contributing Editor
A week after closing the first phase of the $350 million disposition of its 3 million-square-foot Washington, D.C.-area industrial portfolio, Washington Real Estate Investment Trust has shelled out some of the proceeds from the transaction for the all-cash acquisition of Braddock Place, a 345,000-square-foot office complex in the Old Town section of Alexandria, Va.
Braddock Place last changed hands in 2008, when MGP Real Estate L.L.C. bought the property from ING Clarion for $106.5 million. WRIT?s purchase of the asset dovetails perfectly with the REIT?s current acquisition plans in the office sector. ?We?re looking for properties inside the Beltway, near major transportation hubs or areas with strong, rising demographics,? William T. Camp, executive vice president and CFO of WRIT, told Commercial Property Executive.
Located five miles outside of Washington, D.C., and just a stone?s throw from a Metro station, Braddock Place consists of four 26-year-old office buildings carrying the addresses of 1310, 1320, 1330 and 1340 Braddock Place, as well as a two-level underground parking facility. The complex is 92 percent leased to a list of 13 occupants that includes National Industries for the Blind, leading science and technical services company SAIC and the U.S. General Services Administration. WRIT plans to upgrade Braddock Place in the near future.
WRIT will have even more funds for purchases when the aforementioned sale of its industrial portfolio to a joint venture involving AREA Property Partners and Adler Group reaches its anticipated completion in November. With proceeds from that sale and the disposition of three non-core office assets, the REIT will have pocketed approximately $409 million. ?We?ve told analysts and investors that we want to keep our total acquisitions in the zero to $50 million range over what we sell,? Camp said. ?We?re not trying to shrink, we?re trying to replace the assets we?re selling.?
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