What First Washington Realty does

First Washington Realty (FWR) is a privately held, vertically integrated real estate investment management firm founded in 1983 and headquartered in Bethesda, Maryland. The company owns and manages a portfolio of neighborhood and community shopping centers across 12 states and Washington, DC, totaling approximately 2.1 million square feet of gross leasable area and roughly $0.9 billion in assets under management. The portfolio is grocery-anchored and concentrated in affluent suburban submarkets, with featured and named properties spanning Cary (NC), Chicago (IL), Sacramento (CA), Kansas City (MO/KS), Alexandria (VA), Vienna (VA), Summerville (SC), Henrico (VA), Snellville (GA), Eden Prairie (MN), and Franconia (VA), among others.

The firm's core product is its retail real estate investment management platform, which combines acquisitions, dispositions, redevelopment, and property management under one roof. Its technology stack is described generically as a "commercial real estate investment management platform" with no disclosed proprietary features, APIs, or AI capabilities. Tenant-facing infrastructure includes a BillerPayments-powered tenant portal, and the corporate site operates a UserWay accessibility widget for WCAG 2.1 compliance. The company also operates an ESG sub-brand called FWR Cares covering sustainability, community giving, and governance.

FWR generates revenue through two primary streams: (1) rental net operating income from owned and operated shopping centers leased to national and regional retailers — including Trader Joe's, Publix, Harris Teeter, Mariano's, Kowalski's, Amazon Fresh, Giant, Hen House, Bel Air, and CVS as anchor tenants — and (2) asset management and performance fees from institutional capital partners invested in its real estate vehicles. The go-to-market is direct: in-house and partnered leasing teams (multiple leasing contacts operate from @regencycenters.com domains, suggesting co-leasing or third-party property management relationships) handle tenant relationships property by property. Customer segments are horizontal, split between national and regional retail tenants (primary) and institutional capital partners (secondary). Pricing is negotiated and not publicly disclosed, consistent with private commercial real estate management norms.

Name

First Washington Realty

Legal name

First Washington Realty, LLC

Website

https://firstwash.com

Company type

Private

Founded year

1983

Operating status

Operating

Headcount range

101–250 employees

Short description

First Washington Realty is a privately held, vertically integrated real estate investment management firm founded in 1983 that owns and manages grocery-anchored neighborhood and community shopping centers totaling ~2.1M SF and $0.9B AUM across 12 states and DC, serving national retail tenants and institutional capital partners.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Investment Management

NAICS

Offices of Real Estate Agents and Brokers (5312)

SIC

Investors, Nec (6799)

akta.pro primary industry

Real Estate / PropTech Growth Equity (FSANACAH)

akta.pro secondary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

Keywords

• Retail real estate investment
• Shopping center management
• Commercial property leasing
• Real estate asset management
• Grocery-anchored centers

Headquarters

HQ city

Bethesda

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Real Estate Asset Management: Management fees and performance-based revenue from owning and operating a portfolio of neighborhood and community shopping centers across 12 states and DC

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

First Washington Realty is a vertically integrated real estate investment management firm that acquires, owns, operates, and redevelops neighborhood and community shopping centers across 12 U.S. states and Washington DC. The firm manages approximately $0.9 billion in assets under management across a 2.1 million square foot portfolio, generating revenue primarily through leasing grocery-anchored retail space to national and regional retailers and managing capital on behalf of institutional investment partners.

Product overview

First Washington Realty operates a vertically integrated real estate investment management platform with a portfolio of 25 commercial retail properties across 12 states and Washington DC. The company's portfolio includes neighborhood shopping centers, community shopping centers, and power centers totaling approximately 2.1 million square feet of gross leasable area with $0.9 billion in assets under management. Properties range from 57,829 SF (Corinth Quarter) to 514,337 SF (Presidential Markets) and include grocery-anchored centers (Trader Joe's, Harris Teeter, Publix, Mariano's, Lowe's Foods, Hen House, Kowalski's, Amazon Fresh, Bel Air Fresh Market), upscale retail destinations (Pavilions Center), power centers (Natomas Marketplace, Presidential Markets), and traditional neighborhood centers. Featured properties include Roscoe Square (Chicago), Pavilions Center (Sacramento), Shoppes of Kildaire (Cary), Brookside Shops (Kansas City), and The Shops of Prairie Village (Prairie Village). The portfolio spans affluent suburban markets with strong demographics including areas in Virginia, Illinois, California, North Carolina, Kansas, Georgia, South Carolina, and Minnesota. The company focuses on creative sourcing, inventive deal structuring, and strategic capital allocation through acquisitions, dispositions, and redevelopment.

Differentiator

Problem solved

Functional benefit

Brands

• FWR Cares: The company's environmental, social and governance (ESG) initiative focused on sustainability, community giving, and responsible governance practices.

Products and services

• First Washington Realty Shopping Center Portfolio Vertically integrated real estate investment management platform owning and managing 25 neighborhood and community shopping centers across 12 states and Washington DC, totaling approximately 2.1 million square feet of gross leasable area with $0.9 billion in assets under management. Provides leasing, property management, acquisitions, dispositions, and redevelopment services for institutional capital partners and retail tenants.
• Roscoe Square Grocery-anchored shopping center at 3330 North Western Avenue, Chicago, IL (60618), featuring 140,450 square feet of retail space anchored by Mariano's Fresh Market. Targeted at national and regional retailers seeking high-visibility space in an affluent Chicago neighborhood.
• Pavilions Center Upscale retail center at 500-581 Pavilions Lane, Sacramento, CA (95825), comprising 76,738 square feet of luxury retailers including Zegna, Cartier, and Chopard. Targeted at premium retail brands seeking an affluent East Sacramento location.
• Shoppes of Kildaire Trader Joe's-anchored shopping center at 1394 Kildaire Farm Road, Cary, NC (27511), comprising 145,101 square feet in a highly affluent neighborhood. Targeted at grocery and complementary retail tenants serving the Cary submarket.
• Corinth Square Dominant grocery-anchored neighborhood shopping center at 8200 Mission Rd, Prairie Village, KS (66208), featuring 154,705 square feet anchored by Hen House and CVS. Targeted at national and regional retailers serving Kansas City's affluent Country Club District.
• The Shops of Prairie Village One of Kansas City's most desirable shopping destinations at 6950 Mission Lane, Prairie Village, KS (66208), spanning 211,516 square feet with locally owned boutiques and acclaimed restaurants including Café Provence (OpenTable Top 100). Targeted at upscale boutique retailers and restaurants.
• Brookside Shops Walkable retail district at 104-338 W. 63rd St, Kansas City, MO (64113), featuring 122,643 square feet with one-of-a-kind boutiques and locally inspired dining. Targeted at independent retailers and restaurants in an historic walkable district.
• Laguna Crossroads Community shopping center at 7401-7727 Laguna Blvd, Elk Grove, CA (95758), featuring 433,882 square feet anchored by Michaels, Petco, Ross Dress For Less, DSW Shoes, and Total Wine & More. Targeted at national big-box and specialty retailers.
• Eden Prairie Neighborhood shopping destination at 16500-16550 W. 78th Street, Eden Prairie, MN (55346), with 86,533 square feet anchored by Kowalski's specialty grocery. Targeted at grocery and complementary retail tenants in the Minneapolis suburb.
• Corner at Wescott Community shopping destination at 9500 Dorchester Road, Summerville, SC (29485) in the Charleston market, featuring 167,923 square feet anchored by Harris Teeter (the most heavily trafficked in South Carolina) and Marshalls. Targeted at national retailers serving the Charleston suburban market.
• Corinth Quarter Neighborhood-oriented shopping center at 8300 Mission Rd, Prairie Village, KS (66208) spanning 57,829 square feet, strategically positioned in the affluent Country Club District. Targeted at retailers and service providers serving the Country Club District.
• Village Shopping Center Publix-anchored property at 7029 Three Chopt Road, Henrico, VA (23226) in Richmond's West End, comprising 115,921 square feet and consistently top-performing in the region. Targeted at grocery and complementary retail tenants serving Richmond's West End.
• Harvest Plaza Grocery-anchored community center at 9650 Strickland Road, Raleigh, NC (27615) featuring 153,595 square feet, anchored by Walgreens, Planet Fitness, and Lowe's Foods in an affluent North Raleigh submarket. Targeted at grocery and complementary national retailers.
• Fox Run Square Premier grocery-anchored center at 1212 S. Naper Boulevard, Naperville, IL (60540) with 158,227 square feet, featuring a high-performing Mariano's grocery store and Ace Hardware. Targeted at grocery and complementary retailers serving Naperville's affluent demographics.
• Presidential Markets Publix-anchored shopping center at 1905 Scenic Highway, Snellville, GA (30078) spanning 514,337 square feet, strategically located along the main retail corridor in suburban Atlanta. Targeted at grocery and large-format national retailers serving the Atlanta metro.
• Civic Center Plaza Chicago retail center at 7801 North Waukegan Road, Niles, IL (60714) with 264,973 square feet, featuring a mix of national and local retailers in a densely populated area. Targeted at national and local retailers serving Chicago's northern suburbs.
• Centre Ridge Marketplace Prime neighborhood center at 6335 Multiplex Drive, Centreville, VA (20121) spanning 211,258 square feet, located in Washington DC suburbs and featuring the region's first Coast Guard Exchange. Targeted at national retailers and government-related tenants serving the DC suburbs.
• Festival at Manchester Lakes Grocery-anchored shopping center at 7005 Manchester Blvd, Franconia, VA (22310) with 169,198 square feet, featuring Amazon Fresh and Home Sense with favorable demographics including a 55,000 workplace population within three miles. Targeted at grocery and complementary retailers serving the Franconia/DC metro area.
• Saratoga Shopping Center Well-established property at 8074 Rolling Road, Springfield, VA (22153) with 113,030 square feet, situated in the affluent Springfield community near Fort Belvoir with easy access to I-95. Targeted at grocery and complementary retailers serving Springfield's affluent demographics.
• Gold River Town Centre Neighborhood center at 2010-2191 Golden Centre Lane, Sacramento, CA (95670) featuring 139,643 square feet anchored by Bel Air Fresh Market. Targeted at grocery and complementary retailers serving Sacramento's affluent suburbs.
• Natomas Marketplace Power center at 3501-3721 Truxel Road, Sacramento, CA (95834) with 491,516 square feet of retail space, located at the northwest quadrant of Truxel Road and Interstate 80 with approximately 143,900 vehicles per day visibility. Targeted at large-format national retailers seeking high-visibility Sacramento exposure.
• Maple Avenue Shopping center at 311-359 Maple Avenue, Vienna, VA (22180) spanning 108,690 square feet, serving as a central gathering place for one of Washington DC metro area's most desirable high-income communities. Targeted at upscale retailers and restaurants serving Vienna's affluent demographics.
• Bradlee Shopping Center High-performing, family-friendly destination at 3600-3690 King Street, Alexandria, VA (22302) with 170,696 square feet, consistently seeing more visitors than any other shopping center within a five-mile radius. Targeted at grocery and complementary national retailers serving Alexandria.
• Shoppes at Foxchase Community shopping center at 4513-4657 Duke Street, Alexandria, VA (22304) featuring 133,550 square feet anchored by a highly successful Harris Teeter. Targeted at grocery and complementary retailers serving Alexandria's West End.
• Fox Mill Shopping Center Neighborhood shopping center at 2551 John Milton Drive, Herndon, VA (20171) with 103,270 square feet, featuring a strong grocer and ideal merchant mix surrounded by affluent residential customer base. Targeted at grocery and complementary retailers serving Herndon's affluent demographics.
• Greenbriar Town Center Dominant retail center on Lee Jackson Memorial Highway at 13043 Lee Jackson Memorial Hwy, Fairfax, VA (22033), spanning 339,939 square feet in the heart of Chantilly, Virginia. Targeted at large-format national retailers serving the Chantilly/Fairfax market.

Quantifiable outcome

• $0.9 Billion Assets Under Management
• +2 more outcomes

Named customers9 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Regency Centers Corporation: Public grocery-anchored shopping center REIT with ~$15B AUM. Most directly comparable to FWR given shared focus on necessity-based grocery anchors in affluent suburban markets; FWR is a private, sub-scale analog of Regency's strategy. Multiple FWR leasing contacts (Brian Landru, Allison Wiggs, Rebecca Baumgartner, Jessica Sena) carry Regency Centers email addresses, indicating a direct operational relationship.
• Federal Realty Investment Trust: Public REIT ($9B+ market cap) specializing in high-quality open-air shopping centers and mixed-use developments in affluent coastal markets. Closely comparable to FWR's affluent-market, grocery-anchored strategy and represents the institutional benchmark for FWR's investment thesis.
• Brixmor Property Group: Public open-air shopping center REIT with ~$8B AUM. Comparable to FWR in its focus on community and neighborhood shopping centers, though broader in geography and more diversified across anchor tenant types (including value retailers).
• Kimco Realty: Largest publicly traded shopping center REIT in the U.S. (~18B AUM), with significant grocery-anchored exposure. Comparable to FWR in asset class and tenant profile but operates at materially greater scale and with broader geographic and tenant diversification.

Direct peers

• Phillips Edison & Company: Public net-lease REIT focused exclusively on grocery-anchored neighborhood shopping centers. Highly comparable to FWR in asset type, tenant profile (Trader Joe's, Kroger, Publix, Aldi), and target submarkets, though larger and publicly traded.
• Kite Realty Group Trust: Public open-air shopping center REIT with a portfolio focused on grocery-anchored and mixed-use properties in select Sun Belt and Mid-Atlantic markets — directly overlapping FWR's Mid-Atlantic and Southeast footprint.
• Retail Opportunity Investments Corp. (ROIC): Public REIT specializing in grocery-anchored shopping centers primarily on the West Coast — directly comparable to FWR's Sacramento, Kansas City, and other West/Midwest grocery-anchored assets.
• Urban Edge Properties: Public shopping center REIT with significant grocery-anchored exposure in the New York metro and Mid-Atlantic regions — overlapping FWR's Mid-Atlantic concentration (Virginia, Maryland, DC).
• Wheeler Real Estate Investment Trust: Small-cap public shopping center REIT with grocery-anchored assets across the Southeast and Mid-Atlantic. Closest public-market comparable to FWR by AUM scale, though operationally weaker and more leveraged.
• Edens: Private retail real estate investment manager (Aventine Property Group subsidiary) focused on grocery-anchored urban and suburban shopping centers. Closest private peer to FWR in scale, strategy, and tenant profile, often competing in the same affluent submarkets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/first-washington-realty
• Xx.com/FirstWashRealty

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Washington Realty