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WRIT Picks Up Retail

Very few of the recent, headline-making investment sales have been in retail, until now. WRIT announced this week it's purchased the Spring Valley Shopping Center in Northwest DC for $40.5M, in a deal brokered by Transwestern's Joe Friedman and Julian Etches. (They began marketing the deal while still affiliated with Avison Young.) WRIT picks up a center with some of the best demographics in the city—it sits in the affluent Spring Valley neighborhood—as well as one of the highest traffic tenants in the area, anchor Crate & Barrel. WRIT has made three other purchases in 2013, and this one brings its total acquisition figure to about $300M.