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Avison Young Represents BXP in $20M Sale of Kingstowne Retail & Cinema to Federal Realty
Avison Young completed the $19.7 million sale of 5900 Kingstowne Village Parkway, a fully leased 88,288-square-foot retail complex situated in the heart of Kingstowne Towne Center in Alexandria, Virginia, to Federal Realty Investment Trust.
Kingstowne is Virginia’s second-largest planned urban development, and the town center is home to more than 1.6 million square feet of retail and office space anchored by two grocers, Giant and Safeway.
Representing the seller, BXP, the transaction was led locally by Joe French, Vice President of Avison Young’s U.S. Capital Markets Group in Washington, D.C. He was supported by the firm’s national U.S. Investment Sales team, including James Nelson, Principal and Head of U.S. Investment Sales, and Erik Edeen, Principal and Senior Director. With the acquisition, Federal Realty Investment Trust now owns 500,000 square feet of the retail center.
5900 Kingstowne Village Parkway has remained nearly 100% leased for the past decade. There are currently 646 multifamily units in the final stages of pre-development directly in front of the property.
