N. BETHESDA, Md., Sept. 13, 2021 /PRNewswire/ -- Federal Realty Investment Trust (NYSE:FRT) today announced the acquisition of a 100% interest in Twinbrooke Shopping Centre, a 110,000 square foot grocery anchored neighborhood shopping center on 10 acres located in Fairfax, Virginia. The Property is situated at the intersection of Braddock Road (VA Route 620), a main east-west thoroughfare providing access to the DC beltway (I-495), and Twinbrook Road. Federal sourced the acquisition off-market for a purchase price of $33.8 million cash. In 2021, Federal Realty has acquired 5 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 5 properties we've accretively acquired in 2021," said Don Wood, Chief Executive Office of Federal Realty. "We continue to add properties to our portfolio with long-term value creation opportunities through redevelopment, merchandising and capital investment."
The property is 86% occupied and anchored by Safeway and Walgreens. Similar to the recently acquired Chesterbrook Shopping Center, Federal Realty anticipates increasing the value of Twinbrooke over time through remerchandising and incremental capital investment.
"Our dedicated Northern Virginia team continues to expand and strengthen Federal's position in this dynamic and growing submarket" said Deirdre Johnson, Vice President, Asset Management of Federal Realty. "Since our Northern Virginia office opened in 2019, we have acquired off-market 4 shopping centers in Fairfax County, Virginia for a total of 324,000 square feet."
About Federal Realty
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. Its expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 105 properties include approximately 3,000 tenants, in 25 million square feet, and approximately 2,900 residential units.
Federal Realty has increased its quarterly dividends to its shareholders for 54 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.federalrealty.com.
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SOURCE Federal Realty Investment Trust