Rockville, MD-based Federal Realty is selling the assets,roughly clustered near Queens Boulevard and 71st Avenue, becausethey are fully matured, John Hendrickson, vice president ofinvestments, tells GSR. "We didn't see any future growth in theseproperties," he says.
The transaction is part of a reverse 1031 exchange involvingShoppers' World, a center that Federal Realty acquired in May andin which it is reinvesting. That Charlottesville, VA center totals166,200 sf and is anchored by Whole Foods.
Federal Realty continues to hold on to one building in the areathat is leased to Midway Theatre. The company, which operates19.4-million sf in major metropolitan markets on the coasts, alsoowns a building in Fresh Meadows in Queens that is anchored byCineplex Odeon, Filene's Basement and Kohl's.
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