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ROCKVILLE, MD-Federal Realty Investment Trust has added two grocery-anchored shopping centers to its joint venture with Clarion Lion Properties Fund, which was formed in 2004. Barcroft Plaza, a neighborhood shopping center in Fairfax, VA, was acquired in an off-market transaction for $25.1 million. Federal Realty has also contributed Greenlawn Plaza in Greenlawn, NY to the venture.

The Greenlawn property was acquired in an off-market transaction in 2000 and has been redeveloped and stabilized. It was valued at $20.4 million and the venture placed non- recourse, property-secured financing of $13.6 million on the asset at closing. The venture also placed non-recourse, property-secured financing of $16.6 million on the Barcroft asset at closing.

“These properties mark the fifth and sixth additions of well-located, grocery-anchored shopping centers to our joint venture with Clarion Lion Properties Fund, and are the first additions since our renegotiation of the joint venture terms earlier this year,” says Jeff Berkes, Federal Realty’s executive vice president and chief investment officer. He adds that all six grocery-anchored shopping centers in the venture were acquired in off-market transactions.

Barcroft Plaza is anchored by Harris Teeter grocery store and is fully leased. The approximately 90,000-sf shopping center was constructed in 1972, expanded in 1990 and renovated in 1999. Greenlawn Plaza is anchored by Waldbaum’s grocery store and is also fully leased. The trust renovated the 102,000-sf Long Island shopping center in 2004.

Federal Realty renegotiated its terms with Clarion Lion Properties Fund in March 2006. The joint venture now owns six properties containing 658,000 sf, representing more than one-third of the venture’s $350-million investment target.

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