Investment Performance
Through Precision.

First Washington Realty team
First Washington Realty team
First Washington Realty team
First Washington Realty team
First Washington Realty team
First Washington Realty team

Our Company.

First Washington Realty is focused on grocery-anchored and community-based retail centers with offices in the greater Washington, D.C. area, Orange County, Prairie Village, San Diego, Sacramento and Portland.  Our portfolio is comprised of high-quality assets based on center locations and their surrounding area demographics.

Through thoughtful acquisitions and dispositions, we have built a nationally scaled, sector-specialized portfolio of neighborhood and community shopping centers.

Our Investment Approach.

Our investment strategy is defined by:

  • Focusing on necessity and convenience-based retail in markets with high barriers to entry and limited new supply.

  • Underwriting each investment with an approach that balances downside protection with upside potential, targeting centers that can perform across cycles.

We specialize in sourcing and executing off-market and complex transactions that demand creativity, speed, and certainty of closing. Our sourcing advantage is driven by deep industry relationships and a strong reputation for reliability.

Our ability to source, structure, and manage complex transactions is strengthened by our in‑house capabilities across leasing, redevelopment, construction, marketing, and property management.  We have built long-standing institutional relationships on foundations of trust, performance, and a commitment to excellence.

 

FWR drives a culture of preparation and unwavering determination.

Our record of success.

We emphasize communication, transparency, accountability, and disciplined risk management. We serve as committed stewards of capital with a relentless focus on protecting and growing real estate value for our partners in everything we do.

While we cannot predict the future, we can prepare by strategically buying and selling centers and applying operating and capital strategies that create value under varied circumstances. 

Our History.|

1983

November 10, 1983

First Washington Realty (FWR) incorporates when Bill Wolfe and Stuart Halpert launch a real estate investment platform focused on the Washington, D.C. region. Early success leads to the development of a specialized strategy: investing in neighborhood grocery-anchored shopping centers that serve as essential retail hubs for their communities.

1996

August 14, 1996

In 1996, FWR goes public, becoming one of the first "pure play" grocery-anchored shopping center REITs. While competitors diversify, FWR deepens and strengthens its focus, building a reputation for operational excellence and disciplined growth.

2001

February 16, 2001

CalPERS (the nation's largest public pension fund) acquires FWR for $820 million, though FWR continues managing the portfolio. This relationship evolves into a joint venture to acquire, develop, and manage open-air shopping centers across the U.S.

2005

June 16, 2005

FWR recommends the sale of the entire portfolio. After careful consideration, the portfolio sells for $2.7 billion to a joint venture between Regency Centers and Macquarie CountryWide Trust. Still committed to the grocery-anchored investment strategy, FWR continues to invest in and manage neighborhood shopping centers with CalPERS.

2009

June 16, 2009

During the height of the Global Financial Crisis, FWR identifies an opportunity to repurchase a majority interest in the same portfolio it sold in 2005, and does so at a substantial discount.

2018

May 16, 2018

Across 22 states and Washington, D.C., FWR owns and manages 99 shopping centers valued at over $5 billion. Alex Nyhan and Daniel Radek are announced as CEO and President, respectively, to lead the company forward—more than doubling the value of the portfolio with the acquisition of an additional 62 shopping centers.

2019

September 1, 2019

FWR acquires Donahue Schriber in the largest private open-air retail transaction in U.S. history. This transformative acquisition expands the portfolio to 155 shopping centers totaling 22 million square feet, with 4,100 tenants across 22 states and Washington, D.C.

2022

April 1, 2022

Throughout its history, FWR remains guided by a single principle: making decisions that best serve the interests of its investors. That philosophy continues to drive the company's growth and resilience as a leader in neighborhood shopping centers.