Washington Real Estate Investment Trust Acquires Olney Village Center for $58.0M

Washington Real Estate Investment Trust WRE has acquired a 199,000 square foot grocery-anchored shopping center in Olney, Maryland for $58.0 million. Olney Village Center is located in the heart of Olney, Maryland near the main intersection of Georgia Avenue (Route 97) and Sandy Spring Road (Route 108). The property is anchored by Shoppers Food Warehouse and is 98.7% leased to 32 tenants, including national retailers T.J. Maxx, HomeGoods, and SunTrust Bank. Olney Village Center was built in 1979 and underwent a major renovation in 2003. WRIT assumed a $22.6 million mortgage bearing interest at 6.37% per annum and maturing in 2023. WRIT funded the remaining balance of $35.4 million using available cash and its line of credit. WRIT expects to achieve a first year unleveraged yield of 6.7% on a cash basis.