According to real estate records for the City of Alexandria, theproperty has a current assessed value of approximately $20.7million. Located at 4660 Kenmore Ave., Alexandria ProfessionalCenter is close to Interstate 395 and a few blocks from InovaAlexandria Hospital. The building features a three-level parkingfacility, and a small amount of ground level retail that currentlyhouses a restaurant and optician.

A 12-story structure, the center is fully leased with a tenantroster of 36 that includes Inova and a number of small-tenantmedical office users. "The medical office market is excellent withlittle to no new construction activity and strong demand," WRITofficials note in the REIT's 2005 annual report, dated March 16 ofthis year. "This is reflected in our medical office portfolio whichis 99% leased at year end."

WRIT relied on its line of credit to fund the acquisition. In2005, the company extended and increased its existing creditfacility to 2008 for $70 million. The purchase brings WRIT'smedical office property holdings up to eight.