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WASHINGTON, DC-Another day, another acquisition for Washington Real Estate Investment Trust. Continuing its acquisition spree, the company has acquired 6565 Arlington Blvd., a five-story, 139,589-sf office building in Falls Church, VA for $30 million.
The property is currently 82% occupied with four tenants. WRIT expects to achieve a first-year unleveraged yield of 6.8% on a cash basis and 7.2% on a GAAP basis. The building has the potential for an aggressive lease-up, WRIT has said in a statement. Another possibility is the additional development of approximately 80,000 sf.
WRIT has closed on $133.4 million in acquisitions in Q2; $156.5 million in total this year, excluding its latest acquisition. Much of its newly acquired portfolio has focused on the medical office building space, as well as retail and one industrial/flex property. WRIT funded the acquisition through its line of credit, which has been recently repaid with proceeds from its debt and equity offerings in Q2.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
