Adler Group and AREA Property Partners Jointly Buy Property in Washington, DC Market

AP AG Portfolio, a partnership between Adler Group and AREA Property Partners (AREA), declared that it has closed the first stage deal of a 3,087,945-sq ft portfolio comprising warehouse assets and multi-tenant offices in the Washington, DC market. The properties acquired for $350 million was held out by the Washington.

Real Estate Investment Trust (WRIT). During the first stage of the deal the partnership acquired properties measuring a total area of 2,284,272 sq ft and the second and final phase of the deal, which is anticipated to get completed in the coming two months will enable the partnership to take possession of the remaining 803,673 sq ft.

The portfolio comprises industrial assets constituting the total industrial division of WRIT and a number of office properties extended across the four DC submarkets, mainly in suburban Maryland and Northern Virginia suburbs. The present occupancy level of the properties is estimated to be around 79%. Both the Adler Group and AREA have considered the rebounding economy as a breakthrough for continuing the valued old tenants, to augment the occupancy rate of all the properties, and to reach out to the assorted type of industries to fill in a variety of their space requirements.

Some of the acquired properties are rented by prominent corporate companies such as the American Honda Motor Company, ITT Educational Services, L-3 Communications, Raytheon, Medlmmune, GE Healthcare and as an operational base for a number of federal agencies. The biggest tenant of the property occupies an area of over 140,700 sq ft of industrial space and the average tenant area occupancy is 13,000 sq ft.

The purchase is being completed using five separate transactions and three transactions have been completed to buy 2,284,272 sq ft area and the residual 803,673 sq ft of properties will be acquired by the partnership in the subsequent two months by two more transactions.

Source: http://www.adlergroup.com

Joel Scanlon

Written by

Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

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