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WRIT buys Olney retail center for $58M

Washington Real Estate Investment Trust of Rockville said it acquired Olney Village Center, a 199,000-square-foot shopping center in Olney, for $58 million.

Olney Village Center, anchored by Shoppers Food Warehouse, is 98.7 percent leased to 32 tenants, including national retailers T.J. Maxx, HomeGoods and SunTrust Bank.

The property was built in 1979 and renovated in 2003.

WRIT assumed a $22.6 million mortgage bearing interest at 6.37 percent per year and maturing in 2023, and funded the remaining $35.4 million with available cash and its line of credit.

WRIT is a real estate investment trust that invests in income-producing properties in the Greater Washington metro region.