(For more retail coverage, click GlobeSt.com/RETAIL.)
ROCKVILLE, MD-Federal Realty Investment Trust has added twogrocery-anchored shopping centers to its joint venture with ClarionLion Properties Fund, which was formed in 2004. Barcroft Plaza, aneighborhood shopping center in Fairfax, VA, was acquired in anoff-market transaction for $25.1 million. Federal Realty has alsocontributed Greenlawn Plaza in Greenlawn, NY to the venture.
The Greenlawn property was acquired in an off-market transactionin 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 atclosing. The venture also placed non-recourse, property-securedfinancing of $16.6 million on the Barcroft asset at closing.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
