Federal Realty Investment Trust (NYSE: FRT) has a two-phase deal in place to acquire adjacent sprawling shopping centers in Kingstowne for roughly $200 million, the company announced Thursday.
The Bethesda-based REIT, which has purposefully grown its Northern Virginia portfolio in recent years, has already closed on the Safeway-anchored Kingstowne Towne Center for roughly $100 million and expects to close on the Giant-anchored Kingstowne Shopping Center, for another $100 million, in July. The seller, Silver Spring’s The Halle Cos., developed the centers decades ago.
The two, connected shopping centers total 410,000 square feet across 45 acres and include host of chains and national retailers, including T.J. Maxx, HomeGoods, World Market, Ross, &pizza and Cava.
Federal Realty intends to “amenitize” Kingstowne Towne Center, by adding green space for example, in order to “create a sense of place,” but has no near-term plans to redevelop, Deirdre Johnson, Federal’s senior vice…Read the full story from the Washington Business Journal.