Major development in US realty sector

There has been a major development in the realm of the realty sector of USA; Washington Real Estate Investment Trust has sold its Tech 100 industrial park in Elkridge for $10.5 million to Hill Management Services Inc. The news is, without a shred of doubt, bizarre and has shocked many. As per Jonathan Carpenter, Vice President with Colliers Pinkard’s investment services group, the transaction is part of a meeting in Greater Baltimore investment sales, mostly for properties fetching $15 million or less.

Nevertheless, Washington Real Estate did retain Colliers to hunt for interested buyers for the Tech 100 Industrial Park at 6671 Santa Barbara Road. Carpenter represented the firm in the sale along with James S. “Jay” Wellschalger and Phillip C. Iglehart, also members of Colliers Investment Services Group. Commenting on this Jonathan Carpenter stated, “There definitely is an increase in data points, especially in the $5 million, $10 million, $15 million range.” “We’re keeping our fingers crossed and hopefully there will be more to come.”

Washington Real Estate Investment Trust is a self-administered, self-managed, equity real estate investment trust. Its business does comprise the ownership and operation of income-producing real estate properties. Besides the equity real estate investment trust has a strategy of regional focus in a prime market around the nation’s capital and investing in diversified property types. This strategy has been proven through its conventional performance during the 48 years of operation in Washington, D.C.

Hill Management, on the other hand, is a Timonium-based real estate development company with more than 4 million square feet of office, industrial, flex and retail space, a majority of which is in the Greater Baltimore region. Hill Management hopes to boost Tech 100’s occupancy rate, now about 72 percent. Hill paid cash for the portfolio but plans to finance it through a local bank in the coming weeks.