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Rreef Buys 336,107-SF Chantilly Flex Portfolio

CHANTILLY, VA-Washington Real Estate Investment Trust is selling the industrial/flex properties for $41 million to Rreef, which is acquiring them on behalf of an institutional client.

By Erika Morphy | Updated on June 17, 2008

CHANTILLY, VA-Rreef, on behalf of an institutional client, has acquired the Route 28 South Flex portfolio here from Washington Real Estate Investment Trust. The portfolio consists of three flex buildings situated in two business parks and total 336,107 sf, according to the New York City-based company’s prepared announcement, made by vice president David Hamm.

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.

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