ROCKVILLE, Md., Sept. 6, 2019 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) announced today the acquisition of the Kmart lease at Assembly Square Marketplace for $14.5 million. Assembly Square was initially acquired by Federal in 2005. In 2006, Federal completed redevelopment of the enclosed mall into an open-air power center with Kmart remaining as one of the anchor tenants and in 2012, broke ground on the first phase of Assembly Row, Federal's signature mixed use neighborhood in Somerville, Massachusetts.
"The ability to control this roughly 100,000 square foot building and 6-acre parcel provides Federal with additional future opportunity to leverage its investment in the Assembly neighborhood and associated infrastructure, parks and public improvements," said Patrick McMahon, Senior Vice President – Regional Development. "We look forward to working with the City of Somerville and our neighbors to determine how the neighborhood evolves to best serve residents, visitors and office workers."
"Federal has demonstrated through its proactive acquisitions of anchor leases that it is willing to work-through potential short-term impact to deliver long-term shareholder value," said Dan Guglielmone, Executive Vice President – Chief Financial Officer and Treasurer. "That strategy is particularly relevant when gaining control and future opportunity within the award winning Assembly neighborhood, which has matured into one of the most dynamic, mixed-use and transit-oriented destinations in the region."
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.
SOURCE Federal Realty Investment Trust