First Phase of WRIT Industrial Portfolio Sold for $236M

WASHINGTON, DC-The first phase of Washington Real Estate Investment Trust’s sale of its industrial portfolio–roughly 2 million square feet in addition to two office properties–is complete. As GlobeSt.com previously reported, WRIT planned to sell the industrial portion of its portfolio to a then-unknown buyer in order to concentrate on its inside-the-beltway holdings.

The buyer, it turns out, is a joint venture between AREA Property Partners and the Adler Group. “We’ve already purchased a little under four million square feet of space before this of industrial transactions nationally and so while that was more bulk, this is slightly different product,” AREA partner Steve Wolf tells GlobeSt.com. “But the primary attraction was to be able to acquire this many assets in one transaction in a very strong market.” Wolf says that the group will focus on increasing occupancy rates and maintaining the credit worthiness of tenants.