Fairway-anchored Bergen Beach shopping center sells for $85M

Federal Realty Investment Trust has purchased the Georgetowne Shopping Center

Nov.November 20, 2019 02:20 PM
Federal Realty Investment Trust CEO Donald C. Wood and Georgetowne Shopping Center (Credit: Google Maps)

Federal Realty Investment Trust CEO Donald C. Wood and Georgetowne Shopping Center (Credit: Google Maps)

A real estate investment trust has purchased a Fairway Market-anchored shopping center in southeast Brooklyn for $85 million.

Federal Realty Investment Trust bought a trio of lots on Ralph Avenue in Bergen Beach that comprise the 147,000-square-foot Georgetowne Shopping Center, according to property records and the company. In addition to Fairway, the complex includes the discount store Five Below, Starbucks, Chipotle and others.

The seller was an LLC tied to Sholom and Zuckerbrot Realty.

The shopping center is 90 percent leased, and Federal Realty hopes to increase its value by continuing to lease space and potentially adding square feet.

Federal Realty CFO Dan Guglielmore said the purchase expands its “New York metro shopping center portfolio.” The firm is based in Maryland and also owns properties in cities including Los Angeles, San Francisco and Boston. In L.A., it sold the Bijou Building at 1221 Hermosa Avenue earlier this year for $18 million.

Related Articles

Clockwise from top left: 312 West 34th Street, 61 North 9th Street, 639 Classon Avenue, and One Fulton Square (Credit: Google Maps)

These were the top 10 NYC retail leases in July

Ricky's at 830 Broadway (Credit: NYC Go)

Ricky’s, iconic NYC beauty shop, faces
more closures

From top, clockwise: Cushman & Wakefield's Joanne Podell, Showfields' Amir Zwickel, Appear Here's Josh Yentob, Brookfield Properties's Mark Kostic (Credit: Getty, LinkedIn)

When it comes to retail, “real estate in New York is fundamentally broken”

Simon Property Group CEO David Simon David Simon (Credit: Mireya Acierto/Getty Images, iStock)

Retail rout continues as Simon furloughs a third of employees

Almost 50,000 retail stores have closed across the country, and the restaurant industry has lost $25 billion in sales since March 1, (Credit: Getty Images)

US will see $20B in retail loans come due starting this week

(Credit: iStock)

NY restaurants, hotels warn of mass layoffs as US sees record jobless claims

35 Jay Street and Edward Minskoff (Credit: Patrick McMullan/Patrick McMullan via Getty Images, Google Maps)

Edward J. Minskoff Equities buys Dumbo property for $62M

Charles and Jared Kushner and 229 West 43rd Street (Credit: Getty Images and Google Maps) 

Pandemic may finally push Kushner Cos’ Times Square retail space into default