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WRIT Closes Shady Grove/Plumtree

WASHINGTON, DC-At $429 per sf, Washington Real Estate Investment Trust paid a record price for the Rockville-based properties.

By Erika Morphy | Updated on July 31, 2006

WASHINGTON, DC-Washington Real Estate Investment Trust closed its $67 million acquisition of the Shady Grove/Plumtree medical office portfolio that it first announced in April. WRIT acquired two buildings of a four-building, 175,289 sf class A portfolio that month. The third closed in June and the fourth recently closed, finalizing the transaction, according to Margaret Hirl, managing director of Investment Sales at Larsen, who introduced WRIT to the transaction. Marcus & Millichap represented the seller in the deal.

Hirl told GlobeSt.com that the purchase price—$429 per sf for three of the four buildings in Rockville—was a record for that submarket. “The 400s have not been crossed yet,” she says. “I would say the max has been in the high 300s.” She said the portfolio was very high quality, with two of the buildings newly built and 100% leased. The remaining building in Bel Air was sold for $230 per sf.

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