EXHIBIT 23.2

                      [LETTERHEAD OF ARTHUR ANDERSEN LLP]


                   Consent of Independent Public Accountants
                   -----------------------------------------

As independent public accountants, we hereby consent to the use of our report
(and to all references to our Firm) included in or made a part of the 
Amendment No. 3 to this registration statement (No. 333-39035) filed on 
Form S-11 by Wilshire Real Estate Investment Trust Inc. with the Securities and
Exchange Commission.


                                                         /s/ Arthur Andersen LLP
                                                         ARTHUR ANDERSEN LLP

Los Angeles, California
March 27, 1998