Washington Real Estate Investment Trust announced last week that it has completed its acquisition of Jenifer One Mall, 5252 Wisconsin Ave., NW, and the Fullerton Business Center, 7401 Fullerton Rd., near Springfield in Fairfax County.
WRIT also said it will add 50,000 square feet to the Bradlee Shopping Center in Alexandria at a cost of 1.8 million. The project will provide space for 23 retailers including Crown Books, United Virginia Bank and Erol's Video. The center already houses Giant Food, Drug Fair and 26 other tenants. Exterior remodeling will provide new signs, landscaping, lights and paving.
WRIT acquired the Jenifer One Mall for $5.7 million, $4 million cash and the assumption of a $1.7 million mortgage at 8.5 percent interest. Built in 1975, the mall's tenants include theaters and restaurants.
The investment trust acquired the Fullerton Business Center for $4.2 million cash. Its tenants include the U.S. Patent Office and Dynatech Data Systems.
B. Franklin Kahn, president of WRIT, said the trust is "rolling over" the "after-tax" net gain from the 1983 sale of the Washington Circle Inn (now the Bristol Hotel) at 25th Street and Pennsylvania Avenue NW. The trust, Kahn said, was able to defer more than $2.3 million of tax on the gain by utilizing tax-free exchanges. Another $12 million has been spent on addtional properties, construction and improvements. WRIT now has five business centers and nine shopping centers. CAPTION: Picture, WRIT acquired the Jenifer One Mall on upper Wisconsin Avenue for $5.7 million.