X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FREDERICK, MD-First Real Estate Investment Trust of New Jersey (FREIT) has refinanced one of its Maryland holdings here, a 257,591-sf, grocery-anchored shopping center, for $22 million.

The New Jersey office of Holliday Fenoglio Fowler arranged the financing package for the Westridge Square Shopping Center. After its original purchase, the company substantially increasing the property’s net operating income and value through renovation and re-leasing strategies. At the time of the refinancing’s closing, HFF senior managing director Thomas Dido, tells GlobeSt.com, the property was fully leased and stabilized. “The space formerly occupied by Westridge Cinema accounts for the majority of Westridge Square Shopping Center’s vacancy.”

He says he is unsure what the company will do with the proceeds, adding that buying more property is a likely guess. Dido secured a 10-year, fixed-rate permanent loan through Nationwide Real Estate Investments.

Westridge Square Shopping Center is located on Route 40 near the junction of Interstate 70 and 270 in Frederick, some 42 miles west of Baltimore. Tenants including Giant Food as the anchor, Burlington Coat Factory, Outback Steak House, Payless Shoes and Quizno’s.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.