Publications

Federal Realty Investment Trust acquires shopping center in Brooklyn
Transactions - NOVEMBER 19, 2019

Federal Realty Investment Trust acquires shopping center in Brooklyn

by Released

Federal Realty Investment Trust has acquired Georgetowne Shopping Center, a 147,000-square-foot grocery anchored neighborhood shopping center with surface parking on 9 acres in Brooklyn, N.Y.

The property is located in Brooklyn's Georgetown neighborhood. The REIT acquired Georgetowne Shopping Center for $83.7 million cash.

Georgetowne Shopping Center is currently 90 percent 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.

 

 

Forgot your username or password?