Federal Realty Investment Trust [NYSE: FRT] has inked an agreement to buy 100% interest in Twinbrooke Shopping Centre. The Property is established at the junction of Braddock Road. Federal sourced the buying off-market for a buying price of $33.8 million cash. The firm has revealed that throughout the pandemic it has tried to explore the value-added possibilities for the firm.
In 2021, Federal Realty has purchased 5 properties count 1.9 million square feet and 135 acres at a total value of $441 million of which Federal will hold an average 82% interest. The firm made it clear that it will continue to add properties to its portfolio with long-term value creation opportunities through redevelopment, promotion, and capital investment.
In addition to this, the estate is 86% engaged and secured by Safeway and Walgreens. Alike recently purchased Chesterbrook Shopping Center, Federal Realty predicts growing the value of Twinbrooke over time through remerchandising and incremental capital investment.
VP, Asset Management of Federal Realty disclosed that the firm devoted Northern Virginia team continues to grow and reinforce its position in this dynamic and increasing submarket. Since its Northern Virginia office was initiated in 2019, it has purchased off-market 4 shopping centers in Fairfax County, Virginia for a total of 324,000 square feet.