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| Portfolio of five core, grocery-anchored retail properties totaling 797,984 square feet in Northern Virginia and Maryland |
MIAMI, FL – JLL announces that it has closed the $485 million sale of a portfolio of five core, grocery-anchored retail properties totaling 797,984 square feet in Northern Virginia and Maryland.
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| Daniel Finkle |
JLL marketed the property on behalf of the seller.
WashREIT. First Washington Realty purchased the assets.
The portfolio, which is 97.7% leased, comprises two Alexandria, Virginia, centers, and three Maryland centers.
The Virginina centers are Bradlee Shopping Center and Shoppes at Foxchase, and the Maryland centers are Gateway Overlook in Columbia, Olney Village Center in Olney and Wheaton Park Shopping Center in Wheaton.
The properties house a variety of grocery anchors, including Trader Joe's, Aldi, Harris Teeter, Giant, The Fresh Market and H Mart, in addition to national retailers such as Michaels, Walgreens, T.J.Maxx, Pier 1 Imports, HomeGoods, Gold's Gym and Best Buy.
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| Stephen Conley |
The properties all reside in affluent suburbs within the metro Washington, D.C. region where annual household incomes within a three-mile radius average $126,200 and the population within the same range is more than 156,325 residents.
The JLL Capital Markets team that represented the seller included Senior Managing Director and Ho-Head of JLL's Capital Markets retail practice Daniel Finkle, executive managing director Stephen Conley, Managing Ddirector John Owendoff, Director Jordan Lex and Senior Associate Kim Flores along with JLL's M&A and Corporate Advisory team.
“This portfolio is a collection of well-operated and successful retail centers in the D.C. Metro,” Finkle said. “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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| Kim Flores |
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
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| John Owendorff |
About WashREIT
WashREIT (NYSE: WRE) owns and operates uniquely positioned real estate assets in the Washington, D.C. market.
Backed by decades of experience, expertise and ambition, WashREIT creates value by transforming insights into strategy and strategy into action.
As of July 26, 2019, the company’s portfolio of 49 properties includes approximately five million square feet of commercial space and 6,658 multifamily apartment units.
WashREIT’s shares trade on the NYSE and the company currently has an enterprise value of more than $3 billion.
With a track record of driving returns and delivering satisfaction, WashREIT is a trusted authority in one of the nation’s most competitive real estate markets.
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| Jordan Lex |
About First Washington Realty:
First Washington Realty (FWR) is a fully integrated, national real estate investment and management firm.
FWR specializes in the ownership of convenience, necessity and experience-oriented retail real estate.
FWR currently owns 97 shopping centers with a value of over $4.9 billion located in 22 states and the District of Columbia.
FWR’s centers contain approximately 12.9 million square feet with over 2,400 tenants.
Contacts:
Daniel Finkle, JLL Senior Managing Director
Phone: +1 305 448 1333
Stephen C. Conley, JLL Executive Managing Director
Maryland License No: 47647
Virginia License No: 0225 123295
Phone: +1 202 533 2500
Kimberly Steele, JLL Digital Content/PR Specialist
Phone: +1 713 852 3420
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