Federal Realty (FRT) announces $407 million of acquisitions.
Federal Realty Investment Trust (FRT) announced today that it has acquired or expects to close on the acquisition of four community retail properties with a combined gross value of $407 million. FRT said that it will own an approximate 80% interest in the properties, net of private noncontrolling interests that range from 2% to 40%. The announced acquisitions include:
- Grossmont Shopping Center, a 925,000 sf super regional community center anchored by Target, Walmart, CVS, Macy's, and Reading Cinema. The property is 99% occupied and located in La Mesa, California, approximately 10 miles northeast of downtown San Diego.
- Camelback Collonade, a 642,000 sf super regional community center located in Phoenix, Arizona. The property is 99% occupied and anchored by Fry's Supermarket, Best Buy, Marshalls, Petsmart, and Old Navy.
- Hilton Village, a 93,000 sf specialty retail center located in Scottsdale, Arizona. The property is 96% occupied and anchored by CVS, Houston's, Wells Fargo Bank, and Chase Bank. FRT said that it is acquiring a 98% leasehold interest in the property based on a gross value of $37.5 million.
- Chesterbrook Shopping Center, a 90,000 sf grocery anchored neighborhood center located in McLean, Virginia. Chesterbrook is 83% occupied and anchored by Safeway, Walgreens, and Starbucks.