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WashREIT: Retail Dispositions to Fund Multifamily Acquisitions

CRE Worldwide Posted on by

WashREIT has entered into two agreements with separate institutional buyers to sell a total of eight retail assets.

The first sale agreement includes the following five retail assets:

  1. Gateway Overlook, Columbia, MD;
  2. Wheaton Park, Wheaton, MD;
  3. Olney Village Center, Olney, MD;
  4. Bradlee Shopping Center, Alexandria, VA; and
  5. Shoppes of Foxchase, Alexandria, VA.

These assets total approximately 800,000 square feet and are expected to generate approximately $485 million in gross proceeds.

The second sale agreement provides for the disposition of the following power centers:

  1. Centre at Hagerstown, Hagerstown, MD;
  2. Frederick Crossing, Frederick, MD; and
  3. Frederick County Square, Frederick, MD.

These assets total approximately 850,000 square feet. WashREIT will announce gross proceeds for the second sale upon closing.

The expected blended sales cap rate for the eight retail assets is approximately 6.2 percent, based on the company’s estimated 2019 NOI contribution from these assets. For a full year, the eight assets had been expected to contribute an NOI of approximately $35.5 million.

WashREIT is in the process of acquiring a seven-property assembly multifamily portfolio and an urban-infill, value-add multifamily property. The company expects its 2019 multifamily acquisitions to initially generate an NOI of approximately $28.7 on a combined, annualized basis, according to their press release.

Centre at Hagerstown, Hagerstown, MD – Photo: Frederick, Seibert & Associates, Inc.
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Last Updated on June 28, 2019 by Ramin Seddiq

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