Industrial Complex Captures $10.5M

SPRINGFIELD, VA-The two-decade-old Fullerton Industrial Center has been added to Bethesda, MD-based Washington Real Estate Investment Trust’s industrial property portfolio in a $10.55-million cash transaction. The arrangement also calls for the REIT to assume a $6.6 million mortgage on the 138,000-sf, three-building complex, which sits within the 1.7 million-sf Fullerton Industrial Park.

Located in the Springfield/Newington sub-market where vacancy rates hover around the 5.5% mark, Fullerton Industrial is leased to maximum capacity with 16 tenants. All three of the buildings are single-story structures, and the property also includes surface parking space to accommodate about 200 vehicles. “The acquisition of Fullerton Industrial Center fits perfectly with WRIT’s acquisition strategy,” company CFO Sara Grootwassink tells GlobeSt.com. “The tenancy of the Fullerton Industrial Center, comprised of small, stable businesses, is very similar to that of our industrial properties nearby, giving WRIT significant synergistic leasing opportunities to accommodate our tenants’ changing needs.” WRIT expects to spend about $212,000 in capital improvements to the center.