WashREIT sells retail portfolio to First Washington Realty for $485m

WashREIT sells retail portfolio to First Washington Realty for $485m

Published at: 2019-07-30 16:44 | Author: CIJ USA
WashREIT has closed on the sale of five grocery anchored retail properties to First Washington Realty in a $485 million deal. Totaling 797,984 sqf, the assets comprises two Alexandria, Virginia centers (Bradlee Shopping Center and Shoppes at Foxchase) and three Maryland centers (Gateway Overlook in Columbia, Olney Village Center in Olney and Wheaton Park Shopping Center in Wheaton). Currently 97-percent leased, the properties house grocery anchors, including Trader Joe's, Aldi, Harris Teeter, Giant, The Fresh Market and H Mart. National retailers include Michaels, Walgreens, T.J.Maxx, Pier 1 Imports, HomeGoods, Gold's Gym and Best Buy. Jones Lang LaSalle represented the seller during the transaction.

“This portfolio is a collection of well-operated and successful retail centers in the D.C. Metro,” said Daniel Finkle, JLL. “The infill locations in affluent submarkets coupled with the solid tenant rosters have been key components of the portfolio’s past performance and its future success.”

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