(For more retail coverage, click GlobeSt.com/RETAIL.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.