The Washington Real Estate Investment Trust has completed the sale of Plumtree Professional Center, a 33,000 sqm medical office building in Bel Air, Maryland for $8.75m.
Plumtree Professional Center, located at 104 Plumtree Road in Harford County, was built in 1991 and acquired by WRIT in 2006 as part of a portfolio acquisition of four medical office buildings. WRIT achieved a net book gain of approximately $1.6m and an unleveraged internal rate of return of 13 percent over the six year holding period.
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 sqm 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.
