OMAHA, NEB. — Federal Realty Investment Trust (NYSE: FRT) has acquired Village Pointe, a 453,000-square-foot, open-air shopping center in Omaha. The retail REIT purchased the property from the undisclosed seller for $153.3 million.
“Village Pointe checks the key boxes for us: affluent demographics and growing population, clear unmet retail demand, proven retailer success in the location and a truly dominant asset,” says Don Wood, president and CEO of Federal Realty.
Situated on Omaha’s west side on West Dodge Road, Village Pointe draws nearly 6 million annual visits and serves a trade area of over half a million people, with visits averaging one hour in duration.
The center was 96 percent leased at the time of sale to national and premium lifestyle retailers — including Apple, lululemon, Sephora, Coach, Bentley, Nordstrom Rack, Madewell — many of which are exclusive to the market.
Scheel’s, a large-scale sporting goods retailer, shadow-anchors Village Pointe. Other tenants include Cheddar’s Scratch Kitchen, North Italia, DSW, Best Buy, Old Navy, Warby Parker, Urban Outfitters and Marcus Village Pointe Cinema.
Federal Realty has noted the value-add opportunity at Village Pointe via elevating the tenant mix and enhancing merchandising.
Founded in 1962, Federal Realty Investment Trust is based in North Bethesda, Md., and currently owns 103 properties totaling nearly 28 million square feet, including Santana Row in San Jose and Annapolis Town Center in Maryland. The company’s portfolio comprises 3,600 commercial tenants and approximately 3,000 residential units.
Federal Realty’s stock price closed on Monday, Dec. 1 at $98.32 per share, down from $114.25 a year ago, a nearly 14 percent decline.
— John Nelson