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MoCo’s Congressional North Shopping Center acquired for $72M
Listen to this articleFederal Realty Investment Trust, a real estate investment trust headquartered in Montgomery County, announced last week the acquisition of Rockville‘s Congressional North Shopping Center for $72.3 million.
Located on the 1500 block of Rockville Pike, the grocery-anchored Congressional North Shopping Center includes roughly 176,000 square feet of retail space and spans 13 acres. Aldi, RH Outlet, Petco and Staples are some of the property’s largest retailers.
This acquisition marks Federal Realty’s fifth asset on Rockville Pike, a notable Washington-area commercial corridor. Congressional North joins Congressional Plaza, Federal Plaza, Montrose Crossing – all located in Rockville – and Pike & Rose, located in North Bethesda, as Federal Realty-owned properties along Rockville Pike.
“This is a highly strategic addition for us,” Federal Realty President and CEO Don Wood said in a statement.
“With this acquisition, we now control the key retail nodes along Rockville Pike from Bethesda through Rockville, giving us greater flexibility to curate tenancy and merchandising across the corridor.”
Founded in 1962, Federal Realty owns property throughout the mid-Atlantic, Northeast, West Coast and Southeast.
