Cassidy Turley to sell WRIT’s 1.3m sq ft medical office portfolio
Washington Real Estate Investment Trust (WRIT) has selected Cassidy Turley 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. JP 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 centres, and near major medical centres such as INOVA Fairfax, Shady Grove Adventist and George Washington Hospital. The portfolio has very low leverage, with only three encumbered properties totalling approximately USD24m 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," says 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.”
In late 2011, Cassidy Turley arranged the sale of WRIT's 3.1 million square foot, 56-building industrial portfolio for a total value of USD350m.