Federal Realty Investment Trust : 2021 Acquisitions Overview
June 07, 2021 at 05:09 pm EDT
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JUNE 7, 2021
2021 Acquisitions Overview
Acquisitions Representative of FRT's Existing Portfolio
NEW ASSETS SHOWCASE FEDERAL'S DIVERSE PORTFOLIO AND BROAD OPERATING AND REDEVELOPMENT CAPABILITIES
4 properties totaling 1.75 million square feet on 125 acres of land
$407 million gross value of acquisitions bought/under contract
80% average ownership interest
Assets acquired on an off- market basis
SILICON VALLEY
SOUTHERN
CALIFORNIA
PHOENIX
Grossmont | Greater San Diego, CA
Super Regional Community Center
Redevelopment Opportunity
Camelback Colonnade | Phoenix, AZ
Super Regional Community Center
Merchandising & Capital
Investment Opportunity
CHICAGO
Hilton Village | Scottsdale, AZ
Specialty Center
Merchandising & Capital
Investment Opportunity
BOSTON
NEW YORK
PHILADELPHIA
WASHINGTON, DC
MIAMI
Chesterbrook | McLean, VA
Grocery Anchored Neighborhood
Center
Merchandising & Capital
Investment Opportunity
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The acquisitions announced today represent a microcosm of Federal Realty's existing portfolio of productive, well-located properties across a variety of open-air formats. From a grocery-anchored neighborhood center, to a specialty lifestyle center, to a dominant community center, to a large redevelopment opportunity focused on the highest and best use, these acquisitions showcase Federal's diverse portfolio and broad operating and redevelopment capabilities. These assets will benefit from Federal's reputation of investing in our properties, our leasing expertise and in the case of Grossmont, our redevelopment and development track record.
We are excited to add each of these properties to our portfolio given the go-forward value creation opportunities through redevelopment, merchandising and capital investment. We are viewing our acquisition of assets in the Phoenix market not as an entry into a new market but as an extension of our West Coast footprint as we continue to expand our portfolio with future value creation opportunities.
- JEFF BERKES PRESIDENT AND CHIEF OPERATING OFFICER
DONALD C. WOOD CHIEF EXECUTIVE OFFICER
Grossmont
GREATER SAN DIEGO, CALIFORNIA
Grossmont
GREATER SAN DIEGO, CALIFORNIA
Overview
Super regional community shopping center
Redevelopment opportunity
Virtually all existing leases expire in 2025
925,000 SF on 64 Acres
99% leased
$175 million gross value ($190 PSF)
FRT owns a
60% controlling interest
Demographics1
3-MILE RADIUS
Location
Similar FRT Properties
Situated at the interchange of two highly traveled freeways, Interstate 8 and CA 125 with average daily traffic volume of 228,000 cars per day. Grossmont is also proximate to San Diego's Trolley, a light rail line connecting La Mesa with San Diego State University and downtown San Diego.
Westgate Center | San Jose, CA
153,566
60,471
$72,435
Population
Households
Median HHI
Pike & Rose (fka Mid-Pike Plaza) | North Bethesda, MD
$95,861 39 37%
Average HHI
Median Age College Educated
(1) Source: ESRI as of July 2020
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Federal Realty Investment Trust published this content on 07 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 June 2021 21:08:00 UTC.
Federal Realty Investment Trust is an equity real estate investment trust (REIT). The Company is engaged in ownership, operation and redevelopment of retail-based properties located in coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Its portfolio includes retail in many formats ranging from regional, community and neighborhood shopping centers that often are anchored by grocery stores to mixed-use properties that are centered around a retail component but also include office, residential and/or hotel components. These properties are located in metropolitan markets in the Northeast and Mid-Atlantic regions of the United States, California, and South Florida. The Company's 102 properties include approximately 3,200 tenants, in 26 million square feet. The Company has approximately 3,300 commercial leases and 3,000 residential leases, with tenants ranging from sole proprietors to national and international retailers.