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ROCKVILLE, MD-Federal Realty Investment Trust has acquired Friendship Centre, a 119,000-sf shopping center in the Chevy Chase, MD, area, for $32.7 million. In a statement, the REIT said a portion of the purchase price was funded with proceeds from the sale of Williamsburg Shopping Center, an April 2001 transaction, as part of a Section 1031 tax-deferred exchange.

Friendship Centre is located on Wisconsin Avenue NW, in the Chevy Chase/ Friendship Heights neighborhood of far northwest DC The shopping center was constructed in 1998, with a 125-space, below-grade-parking garage. The property’s tenants include Maggiano’s, Borders Books, Eddie Bauer and Linens-n-Things. Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development and re-development of high quality retail and mixed-use properties. Federal Realty owns or has an interest in 56 shopping centers comprising over 11 million sf. Federal Realty also has 96 retail and urban mixed-use properties comprising almost 3 million sf.

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