Jim Meisel of Holliday Fenoglio Fowler LP represented Rreef in the transaction. Neither Rreef nor Meisel returned calls seeking comment.
Washington Real Estate Investment Trust declined to discuss the sale. However, according to its own press release, the company has completed the sale of its Sullyfield Commerce Center and the Earhart Building--Chantilly, VA-based assets that total 336,000 sf--for $41 million. WRIT, which did not name the buyer, achieved a net book gain of $15 million on the sale of the properties and a combined 13% unlevered internal rate of return during the ownership periods, the release said. Proceeds from the sale will be reinvested in a 1031 exchange. A Rreef spokesperson declined to comment about whether the portfolio traded for $41 million, or the sale in general.
When asked about the discrepancy in the two releases about the number of buildings traded, a Washington Real Estate Investment Trust spokesperson told GlobeSt.com that sometimes industrial/flex properties are counted as one if they are in the same area even if there are two physical buildings. Sullyfield is a two-building asset, she points out.
Located at 14320-14370 Sullyfield Circle, Sullyfield totals 248,000 sf and features loading docks and drive-in doors, according to WRIT's website. It is within walking distance of the Dulles Expo Center. The Earhart Building is 92,000 sf, and features a 21-foot ceiling height and loading docks. It is also close to the Expo Center.
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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.
