In a statement, WRIT chairman and chief executive, Edmund Cronin, said, "We are very pleased with this transaction and anticipate investing the proceeds in property with greater long-term investment potential." The company expects the sale will be the first step of a tax-deferred exchange whereby WRIT reinvests the sale proceeds on a tax-free basis in another real estate property. Advantis Real Estate Services was the sole broker on the transaction.
As WRIT has adjusted its portfolio and investment strategy, since 1998 it has sold 11 properties for a total of $49.2 million, yielding a total gain of $22.7 million, Cronin says. WRIT owns properties primarily in the metro Washington market. Its portfolio of 57 properties consists of 10 retail centers, 23 office properties, 15 industrial/flex properties and nine multifamily properties.
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