110-Acre Retail Hub with Market-Dominant Position
and Strong Tenant Sales
NORTH BETHESDA, Md.,
June 3,
2024 /PRNewswire/ -- Federal Realty Investment
Trust (NYSE:FRT) is pleased to announce the acquisition of
Virginia Gateway, an approximately 665,000-square-foot
irreplaceable regionally-dominant retail center spanning 110-acres
in Gainesville, Virginia, for
$215 million. The property is
approximately 95% occupied and features strong tenant sales and
high traffic counts in an affluent and growing market.
Situated at the intersection of Route 29 and I-66, Virginia
Gateway is a prominent retail and entertainment hub with
exceptional visibility and access, drawing visitors from a wide
regional trade area. In 2023, the property ranked third in
Virginia for annual visits,
according to Placer.ai, just behind Tysons Corner. The high traffic volumes drive
strong tenant sales at the property across categories, but
particularly in food and beverage.
Virginia Gateway offers a diverse and unique mix of tenants and
experiences across its 110-acres, organized into five distinct
components:
(i) the Giant Food grocery-anchored shopping
center,
(ii) the Promenade featuring national specialty retailers and
dining options,
(iii) the pedestrian-oriented Atlas Walk town center,
(iv) Plaza I & II featuring major retailers like HomeGoods and
Ulta Beauty, and
(v) Plaza IV anchored by Total Wine & More and Hobby Lobby.
The property also benefits from shadow anchors such as Super
Target, Lowe's, and BJ's Wholesale Club. Importantly, Virginia
Gateway has approximately 300,000 square feet of small shop space
which is expected to be a meaningful driver of future growth. For
an aerial image of Virginia Gateway, click here.
Gainesville, Virginia
demonstrates robust demographics with the strong population
supported by an influx of higher-paying jobs. The average household
income within a three-mile radius of the property exceeds
$184,000, surpassing the company's
in-place portfolio average. This prime suburban location offers
convenient access to the Dulles Technology Corridor, known for its
concentration of defense contracting and tech jobs, further
enhancing Gainesville's
appeal.
Jeff Berkes, President &
Chief Operating Officer of Federal Realty, remarked: "We are
extremely fortunate to have acquired Virginia Gateway, which is a
dominant, irreplaceable regional shopping center that aligns
perfectly with our acquisition strategy. A retail property of this
size and scale, located in an affluent trade area at a heavily
trafficked interchange, is not reproducible in today's market
environment. With the addition of this highly productive regional
center, Federal Realty's Northern
Virginia portfolio grows to 3.6 million square feet,
solidifying our presence in this thriving 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 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
102 properties include approximately 3,300 tenants, in 26 million
commercial square feet, and approximately 3,100 residential
units.
Federal Realty has increased its quarterly dividends to its
shareholders for 56 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.
Inquiries:
Brenda Pomar
Senior Director, Corporate Communications
301.998.8316
bpomar@federalrealty.com
View original
content:https://www.prnewswire.com/news-releases/federal-realty-acquires-virginia-gateway-in-dynamic--affluent-northern-virginia-302162349.html
SOURCE Federal Realty Investment Trust