Washington Real Estate Investment Trust (WRE) recently acquired Braddock Place, a 345,000 square foot office campus in Alexandria, Virginia, for $101 million. The acquisition was funded with cash proceeds from its recent sale transaction of an industrial portfolio.
Located within the Braddock Metro Neighborhood Plan, Braddock Place consists of four office buildings and a two-level underground parking facility. The properties are 92% leased to 13 office tenants including associations and government contractors. The high-quality office campus has an excellent location, which brings in a renewed focus to the area immediately surrounding the metro station.
Washington Real Estate’s long-term strategy is to develop this area and make some capital improvements to modernize the surrounding area as well as maximize rental growth. There are several other construction projects that are underway, bringing new high-rise apartment units, along with five full city blocks of new townhouse, condominium, as well as office and retail development.
Washington Real Estate invests in income-producing properties in the greater Washington metro region. It owns a diversified portfolio of 75 properties spanning approximately 9 million square feet of commercial space and 2,540 residential units and land held for developments.
Washington Real Estate currently retains a Zacks #4 Rank, which translates into a short-term ‘Sell’ rating. We are also maintaining our long-term “Neutral” recommendation on the stock. One of its competitors, Kimco Realty Corporation (KIM), holds a Zacks #3 Rank, which translates into a short-term ‘Hold’ rating.
