Federal Realty Investment Trust is acquiring Kingstowne Towne Center in Kingstowne, Virginia for a total purchase price of $200 million. 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, subject to customary closing conditions.

Combined, the property comprises 410,000 square feet of retail space on 45 acres of land. Located in Virginia'sFairfax County near TSA's new headquarters, Kingstowne Towne Center is surrounded by 5,200 homes, four commercial office buildings, and a planned multifamily development, and is part of a one million-square-foot regional retail node that attracts approximately 8.3 million visits annually—amongst the most visited retail destinations in Virginia.