Bethesda, Md. – The seven-property portfolio in four states totals more than 2.1 million square feet and is approximately 96 percent occupied.
Bethesda, Md. – Washington Prime has entered into a definitive agreement to acquire its partner’s interest in a portfolio of seven open-air shopping centers. Previously, Washington Prime held 32 to 42 percent ownership in the properties, located in Florida, Indiana, Virginia and Connecticut, but with this transaction, will own 100 percent of four properties and approximately 88 percent of the remaining three.
The purchase price for the properties totaled approximately $162 million plus the assumption of $84 million in mortgage debt. The portfolio totals more than 2.1 million square feet and is approximately 96 percent occupied. Also included in the transaction is land valued at approximately $4 million. The transaction is expected to close later this week.
— Scott Reid