BGE unit sells Valley Centre

June 30, 1994|By Timothy J. Mullaney | Timothy J. Mullaney,Sun Staff Writer

Constellation Real Estate Inc. said yesterday that it had sold the Valley Centre shopping center in Owings Mills to First Washington Realty Trust Inc. of Chevy Chase.

The move by Columbia-based Constellation continues the Baltimore Gas & Electric Co. unit's strategy to sell off commercial real estate assets to make cash available for new investments and other businesses such as asset management, senior vice president J. Richard Uhlig said.

"When the market went down and we couldn't sell profitably, we didn't sell," said Mr. Uhlig. "But we didn't think we were going to own things forever."

Constellation would not disclose the sale price for Valley Centre, which will become public when First Washington records the deed to the property.

The 225,000-square-foot Valley Center is anchored by a complex of nine Loews movie theaters, and also includes a Weis #i supermarket, a T. J. Maxx and Annie Sez. It is 100 percent leased and opened in 1987.

First Washington also bought Constellation's First State Plaza, a 162,000-square-foot shopping center in Wilmington, Del.

First Washington is a privately held real estate investment trust that was formed recently by investors led by Chairman Stuart D. Halpert and President William J. Wolfe. A statement released yesterday said the company is a successor to First Washington Management Corp., which the company said is one of the top 50 shopping center managers in the nation.

The company plans to buy and manage community shopping centers throughout the U.S. and expects to own or manage seven million square feet of stores. Yesterday, the company said it had also bought a shopping center in Philadelphia and three in northern Virginia.

The company said it plans to list its stock on the Nasdaq market within 120 days.

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