The acquisition encompasses 63 properties in 8 states.
The sale is the latest by a small REIT looking to close the gap between its share price and the value of its properties. In fact, the price offered is some 25% higher than First Washington’s closing price of $20.75 on Wednesday.
The proposed acquisition, which has been approved by Bethesda-based First Washington’s Board of Directors, is subject to approval by First Washington’s shareholders. Closing is expected in January 2001.
The acquisition properties total 6.6 million square feet of supermarket-anchored neighborhood shopping centers located in Maryland, Virginia, Delaware, Pennsylvania, North Carolina, South Carolina, Illinois and Wisconsin.
National Retail Partners, L.L.C. is a partnership recently formed by six senior real estate professionals from CalPERS former non-mall retail property advisor BPP Retail, L.L.C.
CalPERS, the nation’s largest public pension fund, owns more than $6.3 billion in core real estate assets, consisting of apartment, industrial, office and retail properties in the United States. The pension fund’s retail portfolio is valued at approximately $1.5 billion out of a total portfolio of $177 billion.
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