WASHINGTON, DC—Washington Real Estate Investment Trust has acquired the Spring Valley Retail Center in an off-market trade for $40.5 million. The 75,265-square foot center consists of five separate buildings in the 4800 block of Massachusetts Ave., NW. It is bounded by Massachusetts Avenue to the north and east, Fordham Road to the south, and 49th Street to the west. It is 96% leased and anchored by Crate and Barrel.
This is the REIT's fourth acquisition this year, for a total of $300 million.
WRIT's new strategy, since it divested itself of its medical office portfolio has been to focus on high-quality, well-located assets in DC's core.
In May it acquired 1775 Eye St., NW, for $104.5 million.
In March WRIT acquired The Army Navy Club building on Farragut Square for $79 million.
In February it picked up Yale West, a multifamily property in Mount Vernon Triangle for $73 million.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
