Washington Real Estate Investment Trust (WRE - Free Report) , a real estate investment trust (REIT), recently closed the divestiture of a Maryland-based office building – The Atrium Building – for $15.75 million to an undisclosed buyer. The transaction is in line with the company’s deliberate move toward shedding non-strategic assets in suburban submarkets of the U.S.
Constructed in 1980, The Atrium Building spans 80,000 square feet and is positioned at 6101 Executive Boulevard. The buyer of the property intends to relocate its headquarters to the Atrium Building.
Washington Real Estate acquired the Atrium Building in 2002. Over its 10-year holding period, the Washington Real Estate realized a net book gain of roughly $3.6 million and an unleveraged internal rate of return (IRR) of 11%.
In a bid to streamline its portfolio, Washington Real Estate has been disposing non-core properties and acquiring high quality properties in Washington, D.C.´s central business district as well as strategic locations in the region. In this respect, last month, Washington Real Estate chose Cassidy Turley to sell a medical office portfolio based in the Washington D.C. metro region. The portfolio consisted of 17 institutional-quality medical office properties spanning 1.3 million square feet.
Washington Real Estate invests in income-producing properties in the greater Washington metro region. Currently, it owns a diversified portfolio of 69 properties spanning around 9 million square feet of commercial space and 2,540 residential units and land held for developments.
Washington Real Estate currently retains a Zacks Rank #3 (Hold). REIT’s that are performing better and are worth a look include CubeSmart (CUBE - Free Report) , Chatham Lodging Trust (CLDT - Free Report) and Brandywine Realty Trust (BDN - Free Report) . All the stocks carry a Zacks Rank #2 (Buy).