Cassidy Turley Arranges Sale of First Phase of Washington Real Estate Investment Trust’s Industrial Portfolio for $235.8 Million

Published on September 06, 2011


Washington, DC – Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it arranged three separate sale transactions involving an aggregate of approximately 2 million square feet of industrial space as well as two office assets.  Paul Collins, Bill Collins, Drew Flood, Jud Ryan and James Cassidy of Cassidy Turley represented the seller, Washington Real Estate Investment Trust (WRIT).  The aggregate sales proceeds for the three transactions was $235.8 million.  

The first sale transaction included 8880 Gorman Road, Alban Business Center, Dulles South IV, Fullerton Business Center, and Hampton Overlook.  The second transaction included NVIP I and Pickett Industrial Park.  The third transaction included 270 Technology Park, 8900 Telegraph Road, 9950 Business Parkway, Albemarle Point, Fullerton Industrial Center, Hampton South, and Sully Square, as well as the Albemarle Point and Crescent office buildings.  The buyers are affiliates of a joint venture between AREA Property Partners (AREA) and the Adler Group (Adler). 

WRIT’s remaining industrial properties are also under two additional contracts with AREA/Adler and are projected to close as follows: Northern Virginia Industrial Park II on or about October 3, 2011 for approximately $44.5 million, and 6100 Columbia Park Road and Dulles Business Park on or about November 1, 2011 for approximately $69.7 million.

About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with 3,400 professionals in 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions.  The firm completed transactions valued at $17 billion in 2010, manages 430 million square feet on behalf of private, institutional and corporate clients and supports over 25,000 domestic corporate services locations. Cassidy Turley serves owners, investors and occupiers with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. In 2010, the firm enhanced its global service delivery outside of North America through its partnership with GVA. Please visit www.cassidyturley.com for more information about Cassidy Turley.

Maureen Wheeler
202.463.1138

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