Washington Real Estate Investment Trust (WRE - Free Report) has announced the closure of the sale of its 692,000 square feet suburban Maryland office portfolio for a total price of $111.5 million. This disposition is part of the capital allocation strategy followed by the real estate investment trust (“REIT”) to lower its exposure in suburban office properties and focus more on value-added, urban in-fill, multi-family properties with robust growth potential.
With this latest disposition, Washington Real Estate Investment Trust completed the first tranche of previously declared disposition which included 6110 Executive Boulevard, West Gude Drive, Wayne Plaza and 600 Jefferson Plaza. In fact, the rest of the office properties in Maryland, are also under sale contract which is likely to be completed in the third-quarter 2016.
Washington Real Estate Investment Trust is engaged in investing in income-producing real estate properties mainly in the Greater Washington-Baltimore Region.
The stock presently has a Zacks Rank #3 (Hold).
However, investors interested in the REIT sector can consider stocks like Apple Hospitality REIT, Inc. (APLE - Free Report) , Sotherly Hotels Inc. (SOHO - Free Report) and CoreSite Realty Corporation (COR - Free Report) , each sporting a Zacks Rank #1 (Strong Buy).
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