First Washington Realty has invested more than $65 million to acquire The Village of Blaine in Minnesota and Liberty Corners in Missouri, expanding its national portfolio of grocery-anchored and necessity-based shopping centers.
The two acquisitions increase First Washington Realty’s portfolio to 21.9 million square feet across 21 states.
The Village of Blaine is a 220,685-square-foot shopping center in the Minneapolis-St. Paul metropolitan area that attracts approximately 3.3 million visits annually.
Located near Interstate 35W and Lexington Avenue, the property sits in a rapidly growing suburban market supported by more than 1,700 planned homes, increasing household incomes and proximity to major destinations including the National Sports Center and TPC Twin Cities.
Liberty Corners is a 124,808-square-foot shopping center in the Kansas City area anchored by a 56,000-square-foot Cosentino’s Price Chopper.
The property is located along Missouri State Highway 291 and includes restaurants and service businesses such as Chipotle Mexican Grill and The Big Biscuit.
The transactions fit First Washington’s strategy of acquiring open-air centers anchored by grocery and other everyday-use tenants in markets with strong demographics and barriers to new supply.
Its national portfolio now includes 139 open-air properties totaling more than 21.9 million square feet across 21 states and Washington, D.C. The company manages approximately $9.1 billion of assets.
KEY QUOTE:
“We are thrilled to acquire The Village of Blaine and Liberty Corners, both of which are exceptional grocery-anchored centers that serve as essential retail destinations within their respective communities.”
Amrit Chase, Senior Vice President of Investments at First Washington Realty
