Washington Real Estate Investment Trust (
, 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.
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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
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
Chatham Lodging Trust (
Brandywine Realty Trust (
. All the stocks carry a Zacks Rank #2 (Buy).