ROCKVILLE, Md., Nov. 18, 2019 /PRNewswire/ -- Federal Realty Investment Trust (NYSE:FRT) today announced the acquisition of Georgetowne Shopping Center, a 147,000 square foot grocery anchored neighborhood shopping center with surface parking on 9-acres in Brooklyn, New York. The Property is located in Brooklyn'sGeorgetown neighborhood. The Trust acquired Georgetowne Shopping Center for $83.7 million cash.
Georgetowne Shopping Center is currently 90% occupied and is anchored by specialty grocer Fairway Market and Five Below, with a strong small shop roster led by Starbucks and Chipotle. Federal Realty anticipates increasing the value of the Property over time through continued remerchandising and space lease up with the potential of adding square footage.
"We're very pleased to continue to expand our New York Metro shopping center portfolio with the acquisition this rare surface-parked shopping center on 9-acres in the dense New York City borough of Brooklyn," said Dan Guglielmone, Federal Realty's Chief Financial Officer and Treasurer. "The Property features an advantageous amount of accessible surface parking in comparison to other shopping alternatives in the market which mainly rely on street and structured parking. In addition, Georgetowne Shopping Center's location exhibits strong demographics and high barriers to entry all of which are consistent with our investment strategy."
The Property is located on Ralph Avenue in Brooklyn'sGeorgetown neighborhood, which is a subdivision of Bergen Beach bordering Mill Basin and Flatlands. Bergen Beach is located 7.5 miles southeast of Downtown Manhattan and approximately 6 miles west of John F. Kennedy International Airport. The Property boasts demographics that enhance Federal Realty's already sector-leading position, with 88,845 people and average household income of $102,641 within a 1-mile radius.
About Federal Realty
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, Federal Realty's mission is to deliver long term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Its expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 104 properties include approximately 3,000 tenants, in 24 million square feet, and over 2,600 residential units.
Federal Realty has increased its quarterly dividends to its shareholders for 52 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.FederalRealty.com.