Highlands REIT

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    The real estate investment firm disposed of two office buildings owned with two separate partners, Russo Development and Rubenstein Partners.

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    Washington Capital Management sold a 40,000-square-foot office building in San Diego for $12.5 million. At the time of sale, the property was fully leased by the University of Southern California.

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    The company expects to spend approximately $7 million to $9 million in capital improvements over the next two years. This off-market transaction will bring Summit’s year-to-date acquisition activity to nearly $600 million.

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    Since January, seven transactions valued at more than $100 million closed in the metro. Well-known industry names, including Blackstone and Beacon Capital, are among the top buyers.

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