Washington REIT Capping Off A Strong 2015 With 15k SF Spring Valley Addition
Washington REIT is implementing a unique value-add strategy at its Spring Valley Retail Center, with plans for a two-story red-brick expansion that will house 14k SF of new retail when it opens early next year.
Washington REIT picked up Spring Valley in 2014 in an off-market transaction for $40M. The 75k SF shopping center, which is home to Crate and Barrel, Starbucks and Le Pain Quotidien is in Northwest DC, one of the capital’s most affluent neighborhoods.
Last January Mandi Wedin (snapped on the right alongside Washington REIT’s Steve Halle, Maureen Whelan, Christian Ruiz and Jessica Hayes) was promoted to VP of asset management, and she’ll be overseeing the Spring Valley expansion along with the rest of Washington REIT’s retail portfolio.
Washington REIT had a strong 2015, and Mandi says she’s looking forward to an even better 2016 and “keeping the momentum from last year going strong.”
Adding community and family-oriented public spaces, the new Spring Valley development will feature a large outdoor plaza and gathering space, an amenity Bob Elliott, WashREIT head of development, says will be “a great addition to the neighborhood, which is home to numerous residents and their families.”
All told, the addition costs roughly $5M, and Bob says he expects the project to break ground late this year, with the leasing process commencing within the next couple of months.
We're thrilled Washington REIT has joined us as a founding partner of our Bisnow Beltway Bash, to be held on May 23 at 5:30pm at the Wynn's Intrigue Nightclub at ICSC Recon. We hope you'll join us. Register here!