Rockville-Based Washington Real Estate Investment (WRIT) (NYSE: WRE), which announced plans to dump industrial properties as well as some outside the beltway, has purchased an office complex on the north side of Old Towne Alexandria.
Built in 1985, Braddock Place office park contains 345,000 square feet and is adjacent to the Braddock Road Metro Station. Washington Real Estate Investment paid $101 million in cash for the four building property at 1310, 1320, 1330 and 1340 Braddock Place.
Funding for the purchase came via proceeds from WRIT's recent sale of its industrial portfolio.
“Braddock Place is a high quality office campus in an excellent inside the Beltway location, on a Metro, which fits perfectly with our long term strategy. We have many capital improvements and upgrades planned in the near term to modernize the common areas and maximize future rental rate growth,” proclaimed George “Skip” McKenzie, President and Chief Executive Officer of WRIT.
WRIT expects a 6.9% first year, unleveraged yield from the property on a cash basis.