North Bethesda-based Federal Realty Investment Trust (NYSE: FRT) is buying Kingstowne Towne Center in Kingstowne, Virginia for a complete buy worth of $200 million, the corporate introduced Thursday.
The acquisition will shut in two phases. Federal Realty has closed on section one of many acquisition for $100 million and expects to shut on section two for $100 million in July, topic to customary closing circumstances. Combined, the property includes 410,000 sq. toes of retail area on 45 acres of land.
Located in Virginia’s Fairfax County close to TSA’s new headquarters, Kingstowne Towne Center is surrounded by 5,200 houses, 4 business workplace buildings, and a deliberate multifamily improvement, and is a part of a one million-square-foot regional retail node that draws roughly 8.3 million visits yearly—amongst probably the most visited retail locations in Virginia.
The mixed property is 97% leased and incorporates a diversified tenant lineup that features grocery anchors Safeway and Giant, nationwide retailers T.J. Maxx, Ross and HomeGoods, and fast-casual ideas &pizza and Cava, amongst others. Federal Realty anticipates rising the asset’s worth over time by way of remerchandising and incremental capital funding. Kingstowne Towne Center is akin to different giant, market-dominant Federal Realty property such because the double grocery-anchored heart, Barracks Road.
The Kingstowne acquisition is the newest addition to Federal Realty’s rising funding in its northern Virginia portfolio which incorporates the latest acquisitions of Twinbrooke Shopping Centre in Fairfax and Chesterbrook in McLean and the latest renovation of Birch & Broad in Falls Church. With the addition of Kingstowne Towne Center, Federal Realty owns and operates over 4 million sq. toes of actual property in Virginia.