Under a new agreement, Washington Real Estate Investment Trust (WRIT) will be selling its commercial real estate portfolio and two office assets covering nearly 3.1 million square feet.
In a total of five separate purchase and sale agreements with a single buyer, WRIT will be going forward with its strategy for acquisitions. The contracts' sales prices amount to $350 million and will be closing in three stages.
The properties on the move include 16 industrial assets and the Albemarle and Crescent office buildings.
WRIT primarily invests in Washington metro-area properties, including commercial, industrial, medical office, retail and residential real estate. Speaking on the sale, George F. McKenzie, WRIT's chief executive officer, said the trust is moving towards filling goals set at year's beginning with these transactions.
"Having our industrial portfolio under these contracts enables us to focus our attention on redeploying expected sales proceeds in assets that better fit our long term strategy of acquiring properties inside the Beltway, near major transportation nodes and in areas with strong employment drivers and superior growth demographics," he said
The first three contracts are expected to close near September 1, 2011. The fourth is to close on October 3 and the last on November 1 of this year.