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WRIT Purchases 248,000-SF Sullyfield Commerce Center

ROCKVILLE, MD-Washington Real Estate Investment Trust spends nearly $22 million for Chantilly, VA's Sullyfield Commerce Center. The 248,000-sf property consists of two buildings that are fully leased, with only 2.5% of leases expected to expire within the first 24 months.

By Barbra Murray | Updated on November 05, 2001

ROCKVILLE, MD-In an all-cash, $21.6-million deal, Washington Real Estate Investment Trust (WRIT) acquires Chantilly, VA’s Sullyfield Commerce Center. Excluding rent income, the 248,000-sf property is expected to yield a first-year return on a leveraged basis of 11%.

The 16-year-old property is leased to capacity with nine tenants, including Airborne Freight Company and TRW Inc. Subsidiaries of Marriott International and Thermo Electron also lease space at Sullyfield. WRIT can anticipate an increased profit from 51,000 sf of the property in 2003 and 2004 when leases expire for businesses occupying that space, which is reportedly rented at 40% below market value. Only 2.5% of the property’s leases will expire within the first 24 months.

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