Sign In
Free Newsletter
Federal Realty Investment Trust acquires Virginia shopping center
Listen to this articleNorth Besthesda-based Federal Realty Investment Trust announced Monday the acquisition of a 100% interest in Twinbrooke Shopping Centre, a 110,000-square-foot grocery anchored neighborhood shopping center on 10 acres in Fairfax, Virginia.
Terms of the deal were not disclosed.
The property is situated at the intersection of Braddock Road (Va. Route 620), a main east-west thoroughfare providing access to the D.C. beltway (I-495), and Twinbrook Road. Federal sourced the acquisition off-market for a purchase price of $33.8 million cash. In 2021, Federal Realty has acquired 5 properties totaling 1.9 million square feet and 135 acres at a gross value of $441 million of which Federal will own an average 82% interest.
The property is 86% occupied and anchored by Safeway and Walgreens. Similar to the recently acquired Chesterbrook Shopping Center, Federal Realty anticipates increasing the value of Twinbrooke over time through remerchandising and incremental capital investment.
