Rosenthal Properties, LLC acquired Remaining Retail Properties of Washington Real Estate Investment Trust from Washington Real Estate Investment Trust.
September 21, 2021
Share
Rosenthal Properties, LLC signed a letter of intent to acquire Remaining Retail Properties of Washington Real Estate Investment Trust (NYSE:WRE) for approximately $170 million on June 15, 2021. Rosenthal Properties, LLC entered into a purchase and sale agreement to acquire Remaining Retail Properties of Washington Real Estate Investment Trust on July 15, 2021. Washington Real Estate Investment Trust plans to use the net proceeds from this office portfolio sale and future retail sales to fund the expansion of its multifamily platform through acquisitions in Southeastern markets and to reduce its leverage by repaying outstanding debt. The transaction is expected to close in third quarter of 2021. As of July 26, 2021, the transaction is expected to close in August of 2021. JLL served as Washington Real Estate Investment’s exclusive real estate advisor in connection with the retail portfolio sales and Goldman Sachs & Co. LLC is serving as exclusive strategic financial advisor to Washington Real Estate Investment.
Rosenthal Properties, LLC completed the acquisition of Remaining Retail Properties of Washington Real Estate Investment Trust from Washington Real Estate Investment Trust (NYSE:WRE) on September 22, 2021. Stephen Conley, Danny Finkle, Jordan Lex and Kim Flores of JLL Capital Markets team represented WashREIT in the transaction and marketed the portfolio on behalf of the WashREIT.
Elme Communities is a multifamily real estate investment trust. The Company operates in a single reportable segment which includes the ownership, development, redevelopment and acquisition of apartment communities. It owns and operates approximately 9,400 apartment homes in the Washington, DC metro and the Atlanta metro regions, and owns approximately 300,000 square feet of commercial space. Its properties include Elme Alexandria, Cascade at Landmark, Clayborne, Riverside Apartments, Bennett Park, Park Adams, The Maxwell, The Paramount, The Wellington, Trove, Roosevelt Towers, Elme Dulles, Elme Herndon, The Ashby at McLean, Kenmore Apartments, Elme Watkins Mill, Elme Germantown, Elme Eagles Landing, Elme Druid Hills and Watergate 600.
Rosenthal Properties, LLC acquired Remaining Retail Properties of Washington Real Estate Investment Trust from Washington Real Estate Investment Trust.