Fully Leased Shopping Center Sells for $45M

FREDERICK, MD-A recent $45.1-million deal has brought the Frederick Crossing Shopping Center under new ownership. Washington Real Estate Investment Trust purchased the 294,700-sf retail property from the Peterson Cos. in a transaction in which it forked over $20.8 million in cash yielded from a 1031 transaction and assumed an existing $24.3 million debt.

Located at the I-270, I-70, and Route 85 interchange, Frederick Crossing was developed by Peterson in 1999 and later enhanced in 2003. The property boasts a tenant roster of 18 national and local retailers, including anchors Best Buy, Kohl’s and Ross.