Washington Real Estate Investment Trust (WRIT) has announced the acquisition of Braddock Place, an office campus measuring 345,000 sq ft over the Metro in Alexandria, Virginia, for an all cash deal of $101 million.
Braddock Place. Credit: WRIT
The property comprises four office buildings and an underground parking garage extended to two levels. WRIT has paid for the acquisition utilizing the cash received from the sale of its industrial portfolio. The company anticipates gaining unleveraged proceeds of 6.9% on a cash basis in the first year.
Braddock Place is located at 1310, 1320, 1330 and 1340 in the northwest quarter-circle of Old Town Alexandria and is placed very close to the Braddock Road Metro Station (Yellow and Blue lines) and one stop away from the Reagan National Airport. The properties were constructed in 1985 and 92% of it are rented to 13 office renters which includes government contractors and associations.
Braddock Place is situated in the Braddock Metro Neighborhood Plan, a city guided master plan, attempting to improve the focus to the area adjacent to the Metro Station. The area will soon have a number of new construction projects that are either underway or in the planning stage thus contributing to more than 500 new high-rise apartment blocks, office and retail development, condominium and five full city blocks of new townhouse.
Source: http://www.writ.com/