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WRIT Sells Shopping Center for $3 Mil.

SALISBURY, MD-Real estate investment trust gains $1.6 million on sale of Clairmont Shopping Center to local developer.

By Mike Cleary | Updated on August 30, 2000

Washington Real Estate Investment Trust of Rockville, MD sold the Clairmont Shopping Center in Salisbury, MD recently for $3 million, earning about $1.6 million on the deal. The buyer was a local developer who owns commercial properties in eastern Maryland and southern Delaware.

It was one of eight properties WRIT has liquidated since 1998 as part of a plan to divest properties that aren’t part of the Washington-Baltimore area and do not fit long-term objectives, says Edmund B. Cronin, Jr., WRIT’s chief executive officer. The firm has made an $18.2 million profit on the sale of those properties, he says.

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