Federal Realty Investment Trust is keeping it real in a critical corridor of the DMV by monopolizing much of the retail space.
The Maryland-based real estate investment trust acquired the Congressional North Shopping Center in Rockville, Maryland, for $72.3 million, the Commercial Observer reported. The seller was Cohen Siegel Investors, a local player in the market.
The shopping center at 1501-1519 Rockville Pike spans 13 acres and 176,000 square feet. The acquisition breaks down to $410 per square foot.
Aldi anchors the shopping center, fitting into Federal Realty’s broader lean towards grocery-anchored retail assets. Other tenants include Staples, Petco and RH Outlet.
The acquisition is part of what appears to be an invasion of the corridor, which is slightly north of the nation’s capital. Congressional North Shopping Center is next to Congressional Plaza, a larger shopping center (clocking in at 309,000 square feet) also owned by Federal Realty, which counts Nordstrom Rack and Ulta Beauty among its tenants.
Federal Realty owns three other shopping centers in the corridor: the 249,000-square-foot Federal Plaza, the 369,000-square-foot Montrose Crossing Shopping Center and the 1 million-square-foot Pike & Rose. The firm’s monopolization of the corridor is intentional and strategic.
“With this acquisition, we now control the key retail nodes along Rockville Pike from Bethesda through Rockville, giving us greater flexibility to curate tenancy and merchandising across the corridor,” Federal Realty president Don Wood said in a statement.
Elsewhere, the firm paid $187 million in October for the Annapolis Town Center plaza in Maryland. More recently, it sold a Maryland multifamily complex and a Connecticut retail plaza in two separate deals for a combined $170 million.
On the opposite coast, Chicago-based Waterton acquired a 212-unit Misora apartment complex in San Jose’s Santana Row from Federal Realty last month for $148.5 million, or $700,500 per unit.
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