Washington real estate firm sells $235M portfolio

Washington Real Estate Investment Trust recently made three commercial property sales worth more than $235 million to AREA property partners and the Adler Group.

The transactions included Alban Business Center, Fullerton Business Center, Pickett Industrial Park, Fullerton Industrial Center and Crescent office buildings, among others.

In all, WRIT sold approximately 2.2 million square feet of office and industrial space.

George Mckenzie, President and CEO of WRIT, stated in a press release that his firm plans on completing additional industrial transactions in the near future.

"Completing this first phase of our industrial portfolio disposition provides WRIT the flexibility to invest 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," Mckenzie said.

In addition, WRIT plans to continue its contracts to sell Northern Virginia Park II for $44.5 million and Dulles Business Park for $69.7 million to AREA/Adler.

WRIT owns 74 properties that amount to approximately 9 million square feet of commercial real estate and more than 2,500 residential units.