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.

Founded in 1962, Federal Realty is an equity REIT focused on the ownership, management and development of open-air retail centers in eight metropolitan markets including Washington D.C., New York, Boston, Chicago, and Los Angeles. As of March 31, 2021, the company's portfolio included interests in 101 properties with 23 million sf of retail GLA.  FRT has a total market capitalization of approximately $12 billion and is a member of the S&P 500.

06/07/2021