Federal Realty Investment Trust acquires shopping center in Brooklyn
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.