Wednesday, August 31, 2011

Washington Real Estate Investment Trust Acquires Olney Village Center in Rockville, MD for $58 Million




ROCKVILLE, MD.--(BUSINESS WIRE)--Washington Real Estate Investment Trust (WRIT) (NYSE: WRE) has acquired a 199,000 square foot grocery-anchored shopping center in Olney, Maryland for $58.0 million.

Olney Village Center (top left photo)is located in the heart of Olney, Maryland near the main intersection of Georgia Avenue (Route 97) and Sandy Spring Road (Route 108).

The property is anchored by Shoppers Food Warehouse and is 98.7% leased to 32 tenants, including national retailers T.J. Maxx, HomeGoods, and SunTrust Bank. Olney Village Center was built in 1979 and underwent a major renovation in 2003.

 WRIT assumed a $22.6 million mortgage bearing interest at 6.37% per annum and maturing in 2023. WRIT funded the remaining balance of $35.4 million using available cash and its line of credit. WRIT expects to achieve a first year unleveraged yield of 6.7% on a cash basis.

“We are pleased to announce the acquisition of Olney Village Center, a well-established grocery-anchored shopping center in an excellent location,”. said George “Skip” McKenzie (middle right photo), President and Chief Executive Officer of WRIT.

“The surrounding area has a stable, affluent consumer base with significant barriers to additional development.

 “This is a great addition to WRIT’s retail portfolio and fits in with our stated strategy of investing in high quality retail properties in areas with strong demographics,”

Contacts
Washington Real Estate Investment Trust (WRIT)
William T. Camp
Executive Vice President and Chief Financial Officer
Tel: 301-984-9400
Fax: 301-984-9610
bcamp@writ.com
www.writ.com

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