17 Properties Make Up Largest Institutional-Quality Medical Office Portfolio in DC Region
WASHINGTON, Feb. 19, 2013 /PRNewswire/ -- Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that Washington Real Estate Investment Trust (WRIT) has selected the firm to sell its 1.3 million square foot medical office portfolio. Cassidy Turley's Paul Collins, Bill Collins, Jud Ryan, Drew Flood and James Cassidy will market the portfolio on behalf of the seller. J.P. Morgan will act as co-agent.
The portfolio consists of 17 institutional-quality medical office properties, making it the largest portfolio of its kind in the DC metro region. All of the assets are located in affluent communities or urban centers, and near major medical centers such as INOVA Fairfax, Shady Grove Adventist and George Washington Hospital. The portfolio has very low leverage, with only three encumbered properties totaling approximately $24 million in mortgage debt.
"Over the past 15 years, WRIT has assembled an exceptional medical office portfolio that accounts for 20 percent of the institutional grade medical office assets in the DC metro area," commented Paul Collins, Vice Chairman with Cassidy Turley. "We expect the high quality of this portfolio and current marketplace demand for this product type to generate significant buyer interest," he continued.
In late 2011, Cassidy Turleyarranged the sale of WRIT's 3.1 million square foot, 56-building industrial portfolio for a total value of $350 million.
WRIT is a self-administered, self-managed, equity real estate investment trust investing in income-producing properties in the greater Washington metro region. WRIT owns a diversified portfolio of 70 properties totaling approximately 9 million square feet of commercial space and 2,540 residential units, and land held for development. These 70 properties consist of 26 office properties, 17 medical office properties, 16 retail centers and 11 multifamily properties. WRIT shares are publicly traded on the New York Stock Exchange (WRE).
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,700 professionals in more than 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 $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants 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. Cassidy Turley enhances its global service delivery outside of North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.comfor more information about Cassidy Turley.
SOURCE Cassidy Turley