ROCKVILLE, MD—Federal Realty Investment Trust has bought out its JV partner, a fund advised by ING Clarion Partners, in six shopping centers for a total of $154 million. It paid $130 million in cash, with the remainder its allocable share of mortgage debt.
The 820,000-square foot portfolio includes the Atlantic Plaza and Campus Plaza in the Boston market; Greenlawn Plaza on Long Island, NY; the Free State Shopping Center and Plaza del Mercado, both in Suburban Maryland; and Barcroft Plaza in Northern Virginia.
The JV with ING Clarion Partners dates back to 2004. Earlier this month, news surfaced that global asset manager Legg Mason was in exclusive discussions to acquire majority ownership in Clarion Partners from Lightyear Capital.
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