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REIT purchases MD shopping center.

Hekemian and Company, Inc. of Hackensack, a New Jersey-based real estate investment firm, announced that one of its affiliates, First Real Estate Investment Trust of New Jersey, has acquired Westridge Square Shopping Center in Frederick, Maryland. The total purchase price for the 255,000-square-foot retail center was $27.1 million.

Robert S. Hekemian Jr., executive vice president, and Mark Kappa, vice president/Investments, both of Hekemian and Company, Inc., acted as consultants to the buyer. The seller, Westridge Square Associates, Ltd. Partnership, was represented by the developer, John F. Forstmann, president of J.F. Forstmann Company, Inc., general partner for Westridge Square Associates, Ltd. Partnership.

Built in 1986, Westridge Square Shopping Center is situated on the "Golden Mile" of Route 40 in Frederick -- retail corridor just 40 miles from Washington D.C. and 45 miles from Baltimore, Maryland. The center currently boasts an occupancy of 95 percent and is anchored by a 55,000-square-foot Giant Food Store, a 65,000-square-foot Burlington Coat Factory and a 25,000-square-foot Hoyts Cinema. Westridge Square also enjoys a long list of other national and regional tenants.
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Title Annotation:real estate investment trust acquires shopping center in Frederick, Maryland
Publication:Real Estate Weekly
Date:May 13, 1992
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