National Retail Properties Inc., a real estate investment trust, today announced it has closed on the sale of an approximately 554,000-square-foot office property in Washington, D.C.
The value of the transaction was $229.3 million, which includes the assumption of a $95 million loan secured by the property.
Brookfield Financial Properties L.P., an affiliate of Brookfield Properties Corp., purchased the property, which consists of two class A office buildings and a 1,079-space parking garage located in the Pentagon City submarket of the Washington, D.C., metropolitan area. The property serves as the headquarters of the Transportation Security Administration under a lease that expires in 2014.
National Retail invests primarily in high-quality properties subject generally to long-term, net leases with retail tenants such as Barnes & Noble, Best Buy, Circle K (Susser), CVS and Uni-Mart.