First Washington Realty buys Mitchellville Plaza

Maryland Watch

September 09, 1997

`TC First Washington Realty Trust Inc. said yesterday that it has agreed to acquire Mitchellville Plaza, a 155,000-square-foot, supermarket-anchored neighborhood shopping center in Prince George's County.

The center is anchored by a Food Lion supermarket. Other tenants include Blockbuster Video, McDonald's, Duron Paint and several other retailers.

The center is being acquired from Enterprise Associates, a private partnership, for $19 million in cash and stock. Closing is scheduled for early October, said First Washington, a real estate investment trust in Bethesda.

Mitchellville Plaza will be the eighth supermarket-anchored neighborhood shopping center that First Washington has agreed to acquire since the first of the year.

First Washington's acquisitions, year-to-date, have an aggregate value of $95 million. Last year, it bought 10 neighborhood shopping centers for $100 million.

Since its initial public offering in the summer of 1994, the REIT has acquired a total of 29 properties, increasing its capitalization to more than half-a-billion dollars, up from about $200 million at the time it began operating as a public company.

Pub Date: 9/09/97

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.