Federal Realty (FRT) acquires $200 million center in Kingstowne, VA.

Federal Realty Investment Trust (FRT) announced today that it has acquired the first phase of Kingstowne Towne Center, a 410,000 sf retail center located in Kingstowne, VA.  The total purchase price is $200 million.  FRT has closed on the first phase of the property for $100 million, and expects to close on the second phase for $100 million in July.

Kingstowne Towne Center is 97% leased and dual-grocery anchored by Safeway and Giant. "Kingstowne Towne Center has afforded us a rare opportunity to own 45 acres of land in one of the country's most desirable markets," said Jeff Berkes, President and Chief Operating Officer for Federal Realty. "The large property, which boasts attractive demographics and significant barriers to entry, is a valuable addition to our expanding Northern Virginia portfolio and further demonstrates our corporate commitment to investing in value-enhancing acquisitions."

Founded in 1962, Federal Realty Investment Trust (FRT) 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. FRT is a member of the S&P 500 with a total market capitalization of $15 billion.