First Washington Realty Trust owned and operated 63 properties totaling 6.6 million sf of supermarket-anchored shopping centers in Maryland, Virginia, Delaware, Pennsylvania, North Carolina, South Carolina, Illinois and Wisconsin. Most of the properties are located in the Washington, DC, Baltimore, Northern Virginia, Philadelphia and Chicago metropolitan areas.
Under the terms of sale, holders of First Washington's common stock will receive $26.12 a share in cash for all outstanding shares, while holders of the trust's preferred stock will receive $33.49 a share. The company's stock ceased trading on the New York Stock Exchange at the close of business Wednesday.
First Washington's management team will remain in place, according to company officials. CalPers, which had assets of more than $165 million at the end of last year, is the largest public pension fund in the United States. Of its holdings, some $11 billion is invested in real estate, with more than $8 billion of it in core real estate such as investments in apartment, office, industrial and retail buildings.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
