(PRNewswire) Rockville, Washington - Real Estate Investment Trust (WRIT) (NYSE: WRE - News) has acquired Prosperity Medical Center in Merrifield, Fairfax County, Virginia for $78 million. Prosperity Medical Center, completed in 2002, consists of three multi-story buildings containing a total of 254,999 rentable square feet of medical office space, a free standing parking garage, and an adjacent surface parking lot for 921 cars. The property is 98% leased to 40 tenants including INOVA Health Care Services, U.S. Oncology and Children's National Medical Center.

Prosperity Medical Center is anticipated to produce a first year return on investment of 10.8% on a leveraged basis, not including straight-line rents, and 13.2% on a GAAP basis. On an unleveraged basis not including straight- line rents, the first year return on investment is anticipated to be 7.4%, and 8.2% on a GAAP basis. The purchase price is all cash subject to the assumption of existing mortgages totaling $49.7 million, bearing interest at 5.35%, maturing May 1, 2013.

Prosperity Medical Center is located within one-mile of INOVA Fairfax Hospital. INOVA Fairfax is a 753-bed regional medical center and is consistently ranked as the busiest hospital in the Washington metropolitan area based on inpatient admissions. With the acquisition of Prosperity Medical Center, WRIT now owns five medical office buildings adjacent to the INOVA Fairfax campus totaling 423,000 square feet.