Washington REIT's Hot Streak
Despite reports that the DC economy is waning, the nation's oldest real estate investment trust, Washington REIT (formerly WRIT), just added to its 17 retail properties totaling 2.5M SF across the Washington region.
In fact, Washington REIT's DC focus is so tight, according to managing director and VP Paul Weinschenk, it just relocated its HQ downtown. “We love the energy, the convenience and the vibe of downtown,” says Paul (snapped with retail team Jessica Hayes, Britt Adkins and Steve Halle). A forthcoming in-house cocktail party will celebrate the move.
The REIT's latest acquisition, the 75k SF Spring Valley Retail Center in DC for $40.5M, is anchored by Crate & Barrel, LPQ and, soon, Millie’s of Nantucket fame by Bo Blair, the DC hometown restaurant phenom. “Millie’s is a strong addition to this street-oriented retail project in an affluent, dense demographic,” Paul says.
Like the new office, this team is looking for bigger and better asset opportunities. Paul cites two leasing upgrades in Alexandria: the Bradley Shopping Center (pictured here), where Fresh Market took 27K SF, and another 8,600 SF lease with Pier 1 at the Fox Chase Shopping Center. Both occupy once empty, challenging space that now give their co-tenants a little cross-shopping synergy.
Washington REIT has also been increasing occupancy levels and introducing solid tenants of late. “Overall, we’re strengthening the quality of the retail portfolio in place,” says Paul. Example: the team did total re-skinning and then brought in a 21k SF Aldi to Springfield, VA’s Concord Shopping Center. Here it is, post-renovations.
We're thrilled Washington REIT has joined us as a founding partner of our Bisnow Beltway Bash, to be held on May 18 at 5pm at the Wynn's Tryst Nightclub at ICSC Recon. We hope you'll join us. Register here.