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Federal Realty Pays $84M for Brooklyn Retail
Federal Realty Investment Trust (FRT) acquired Georgetowne Shopping Center, a 147,000-square-foot grocery-anchored neighborhood shopping center in Brooklyn, for $83.7 million cash. Published reports identified the seller as a local investor.
Located on nine acres with surface parking, Georgetowne Shopping Center is anchored by specialty grocer Fairway Market and Five Below, with a small shop roster led by Starbucks and Chipotle. The REIT anticipates increasing the property’s value over time through continued remerchandising and space lease up, with the potential of adding square footage.
“The property features an advantageous amount of accessible surface parking in comparison to other shopping alternatives in the market, which mainly rely on street and structured parking,” said Dan Guglielmone, FRT’s CFO and treasurer. “In addition, Georgetowne Shopping Center’s location exhibits strong demographics and high barriers to entry, all of which are consistent with our investment strategy.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
