Two shopping centers in Frederick County, Frederick Crossing and Frederick County Square, are being sold by a Washington, D.C., real estate company, so that it can increase its investment in a multifamily sector.
WashREIT is selling Frederick Crossing, at 7210 Guilford Drive, which houses stores such as Kohl’s, Best Buy and A.C. Moore, as well as Frederick County Square, at 1003 W. Patrick St., housing Kmart, Joann Fabrics and Advance Auto Parts.
WashREIT has entered into two agreements with separate buyers to sell both Frederick locations, one in Hagerstown and five other retail assets outside of Frederick County.
The two local locations as well as the one in Hagerstown, which WashREIT described as its power centers, total about 850,000 square feet. The sale of all eight assets, which is expected to close in late July, will generate $485 million for the company, according to a press release. The proceeds of the three power centers will be disclosed once the transaction is complete, the news release said.
It is unclear who the buyer is or whether any changes will be made to the shopping centers. A WashREIT representative could not be reached for comment.
Rick Bell, owner of Rick’s Fish & Pet Supply in Frederick Crossing, said he found out about the sale after “info drifted in.” He then received documents about the sale from WashREIT.
He said the documents included a review of what his rent was and how long he’s been a tenant. He does not know if his rent will increase, who is buying the shopping center or if any changes will be made.
“I’m a little spooked,” he said. “The last guys were problematic, and I don’t know enough about the new guys. I don’t know if they’ll be better or if they’ll be worse.”