The acquisition will close in two phases. Federal Realty has closed on phase one of the acquisition for $100 million and expects to close on phase two for $100 million in July. Combined, the property comprises 410,000 square feet of retail space on 45 acres of land.
Located in Virginia’s Fairfax County near TSA’s new headquarters, Kingstowne Towne Center is surrounded by 5,200 homes, four commercial office buildings and a planned multifamily development. It is part of a one million-square-foot regional retail node that attracts 8.3 million visits annually.
Federal Realty recently acquired Twinbrooke Shopping Centre in Fairfax and Chesterbrook in McLean and the recent renovation of Birch & Broad in Falls Church. Federal Realty now owns and operates over 4 million square feet of real estate in VA.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.