WashREIT sells three Maryland retail centers
WashREIT has sold two regional retail properties totaling 522,100 square feet in the Washington, D.C., suburb of Frederick, Md., and a regionally dominant power center in the northern Maryland community of Hagerstown.
“The sale of these three assets continues with Washington REIT’s strategic plan to transform its existing portfolio,” said Daniel Finkle, co-head of JLL’s capital markets retail practice, which represented the seller.
DLC Management Corp. and Acadia Realty Trust purchased the two assets, Frederick Crossing and Frederick County Square, and Baltimore-based Continental Realty Corp. purchased Center at
The Frederick, Md., portfolio comprises the 294,718-square-foot Frederick Crossing and the 227,382-square-foot Frederick County Square. The fully leased Frederick Crossing is a regional power center that is home to a variety of tenants, including Kohl’s, Best Buy, Ross Dress for Less, Off Broadway, Ulta Beauty, Chuck E. Cheese’s, Regency Furniture, Dress Barn and Dollar Tree. The property also is shadow anchored by the region’s only Walmart and adjacent to a 60,000-square-foot office park. It’s situated in an expansive trade area with more than 110,000 residents within a five-mile radius of the property.
Frederick County Square is 92.9 percent leased to major tenants such as Kmart, JoAnn Fabric & Craft and Advance Auto. Situated on 17.63 acres, the center is surrounded by more than 78,600 residents earning an average annual household income of nearly $70,000 within a three-mile radius of the property.
The 331,833-square-foot Centre at Hagerstown was completed in 2000 and is 93 percent leased to a variety of tenants, including Books-A-Million, Marshalls, A.C. Moore, Office Depot, Bed Bath & Beyond, PetSmart, Ulta Beauty and Regency Furniture, and is shadow anchored by the region’s only Walmart and The Home Depot. Additionally, the center features 10 outparcel pads occupied by nationally recognized restaurant and retail tenants such as Panera Bread, Wendy’s, IHOP, TGI Friday’s and Arby’s.
This portfolio sale comes on the heels of WashREIT’s recently announced $485 million sale of five retail assets in Northern Virginia and Maryland.