BETHESDA, Md.–First Washington Realty, Inc., a national real estate investment and management company, announced the acquisition of five properties in the Washington, D.C. metro area.
The purchase includes Bradlee Shopping Center, Shoppes at Foxchase, Gateway Overlook, Olney Village Center and Wheaton Park Shopping Center. Together, these grocery-anchored centers contain approximately 800,000 square feet of gross leasable area, making the portfolio acquisition one of the most significant open air retail transactions of the year.
The properties sit in key demographically strong suburbs of the nation’s capital, which benefit from high educational and income levels coupled with low retail vacancy and high barriers to entry. The portfolio features leading national and regional merchants, which are staples of their respective communities, including some of the most sought after anchor tenants such as Trader Joe’s, Giant Food, Harris Teeter, and TJX brands.
“The purchase of these properties represents a terrific opportunity in our backyard. We started in the Mid-Atlantic and have long sought to own these wonderful centers. We congratulate WashREIT on a successful transaction and we enjoyed working with their executive team,” said Alex Nyhan, CEO of First Washington Realty.
First Washington Realty (FWR) is a fully integrated, national real estate investment and management firm that specializes in the ownership of convenience, necessity and experience-oriented retail real estate.
FWR currently owns 102 shopping centers with a value of over $5.4 billion located in 22 states and the District of Columbia. Our centers contain approximately 13.7 million square feet with approximately 2,500 tenants. The Company is headquartered in Bethesda, Maryland with offices in Dallas, Kansas City, and San Diego.