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WRIT Sells Rockville Building for $8.4 Million

ROCKVILLE, MD-This local REIT said the company would see a gain of $4.5 million on the sale of the 65,356-sf office building.

By Marlon Millner | Updated on October 02, 2001

ROCKVILLE, MD-Washington Real Estate Investment Trust has sold 10400 Connecticut Ave. in Kensington, MD to Knowles Associates LLC of Rockville, MD for $8.4 million. The sale of the 65,356-sf office building will result in a gain of about $4.5 million, the company said. The building was built in 1965, and it has been in the WRIT portfolio since 1979.

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.

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