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Federal Realty Scores Fairfax Grocery-Anchored Center in Off-Market Deal
Federal Realty Investment Trust said Monday it had acquired a 100% interest in Twinbrooke Shopping Centre, a 110,000-square-foot grocery anchored neighborhood shopping center in Fairfax, VA. The REIT sourced the acquisition off-market for $33.8 million cash.
Year to date, North Bethesda, MD-based Federal Realty has acquired five properties totaling 1.9 million square feet and 135 acres at a gross value of $441 million of which Federal will own an average 82% interest.
“Throughout the pandemic, our teams have remained focused on identifying growth and value-enhancing opportunities, and our acquisitions group is no exception as evidenced by the five properties we’ve accretively acquired in 2021,” said Federal Realty CEO Don Wood.
The property is 86% occupied and anchored by Safeway and Walgreens. Similar to the recently acquired Chesterbrook Shopping Center in McLean, VA, Federal Realty anticipates increasing the value of Twinbrooke over time through remerchandising and incremental capital investment.
- ◦Sale/Acquisition
