A portfolio of 34 commercial buildings in the Washington, D.C. metro area have been sold by the real estate investment trust, Office Properties Income Trust (OPI) for a deal of $198.5 million, the company announced in a press release.
Seven commercial campuses in the suburban D.C. area, which include five-building Snowden Center in Columbia, MD, seven buildings at Sterling Park in Sterling, VA, and the seven-building Ammendale Commercial Center in Beltsville, MD, are included in the portfolio of 34 commercial buildings spanning an area of 1.6 million square feet.
OPI was represented in the deal by a Newmark Knight Frank team consisting of Jud Ryan, James Cassidy, Cris Abramson, and Brian Kruger.
OPI Sells 34-Building Portfolio in Metro DC for $199M https://t.co/Y4orVwRbTl
— Commercial Observer (@commobserver) February 13, 2019
“The offering was a very competitive process as bidders were attracted to the scale, diverse tenancy and value-add potential of the properties. While we agreed to terms a couple of months ago, the sheer size of the portfolio with 34 buildings and 133 tenants and the fact that the buyer required financing necessitated a longer closing period,” Newmark Knight Frank’s James Cassidy said in a statement.
According to the National Real Estate Investor, OPI owned 231 properties totaling 30.2 million square feet with a combined value of $5.8 billion as of September 2018.
OPI CEO David Blackman informed in a statement that the sale of D.C. portfolio completes $521 million in solid assets following the Real Estate Investment Trust’s (REIT) acquisition of First Potomac Realty Trust (FPO) in 2017.
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