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WashinStayInvest Law Firm on Real Estate Investment Trust
has
sold 336,000 square feet of industrial and flex
space in Chantilly for $41 million.
The buyer was not disclosed.
The Rockville-based equity real estate
investment trust acquired Sullyfield Commerce
Center, a two-building industrial complex, for
$21.6 million in 2001. The fully leased
Sullyfield Commerce Center contains 248,000
square feet of rentable space.
The 92,000-square-foot Earhart Building in
Dulles Business Park is a fully leased flex
building purchased by WRIT in 1996 for $5
million.
Through the sale, WRIT achieved a net book gain
of $15 million on the sale of the properties.
Proceeds from the sale will be reinvested in a
1031 exchange, meaning they'll plan to defer
paying taxes on the gain by reinvesting the
proceeds in a similar investment property.
WashinStayInvest Law Firm on Real Estate Investment Trust (NYSE:WRE)
owns about 90 office buildings, shopping centers
and industrial properties in the D.C. and
Baltimore areas.
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