Washington REIT Sheds Last Industrial Property For $71M

Law360, New York (November 2, 2011, 3:26 PM EDT) -- Washington Real Estate Investment Trust sold its Dulles Business Park in Virginia for $70.6 million, completing its plan to divest itself of all industrial assets in order to focus more on commercial and residential properties within the Capital Beltway, the trust announced Tuesday.

AREA Property Partners, an international real estate fund manager based in New York, and Miami-based developer the Adler Group, have been on the purchasing end of all five of WRIT's industrial property transactions, investing a total of $350 million dollars in 2.3 million...
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