WRIT Buys Medical Offices for $67M

ROCKVILLE, MD-In a transaction valued at $67 million, Washington Real Estate Investment Trust has signed on to take over ownership of the four-building Shady Grove/Plumtree Medical Portfolio. Consisting of three medical office buildings in Rockville and one in Bel Air, MD, the fully occupied portfolio features an aggregate 175,300 sf of leasable space. The transaction includes WRIT’s assumption of existing debt totaling $19.4 million on three of the four properties.

WRIT has already closed on the acquisition of two of the Rockville properties, the 40,200-sf structure at 9707 Medical Center Dr., which was built on 3.3 acres in 1994, and the 55,000-sf facility at 15001 Shady Grove Rd., which was developed seven years ago on a nearly three-acre parcel. The REIT expects to complete the purchase of the remaining two properties–the 68,800-sf, three-year-old building at 15005 Shady Grove Rd. and Bel Air’s 35,000-sf, 15-year-old facility at 104 Plumtree Rd.–upon approval of the mortgage assumption arrangements.