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

Federal Realty Investment Trust has purchased the Georgetowne Shopping Center

TRD New York /
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

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”

ICSC’s annual New York show will feature twice as much programming as in years past.

Here’s what to expect at ICSC’s 2019 NYC event

1 John Street and 74 Devoe Street in Brooklyn (Credit: StreetEasy)

Ten months, 10% below asking: Dumbo condo leads Brooklyn sales

Target ads (right) seen on the corner of 42nd Street Eighth Avenue (Credit: Google Maps)

Target sets bullseye on Times Square with new lease

18 India Street in Brooklyn and RedSky Capital’s Benjamin Bernstein (Credit: ICSC and Google Maps)

RedSky and partner to sell several properties amid “uncertainty” over valuations

227 Grand Street in Williamsburg and Michael Lichtenstein of Heritage Equity Partners (Credit: Google Maps, Heritage Equity Partners)

It’s bankruptcy time for Michael Lichtenstein LLC in Williamsburg

205 Park Avenue (Credit: Google Maps)

Developer files plans for mixed-use project facing BQE