ANNAPOLIS, MD. — Federal Realty Investment Trust (NYSE: FRT) has completed the acquisition of the retail center situated within Annapolis Town Center in Anne Arundel County, roughly 30 miles outside Washington, D.C.
Federal Realty, a REIT based in North Bethesda, Md., purchased the property for $187 million. According to local reporting by the Capital Gazette, PGIM Real Estate was the seller.
Anchored by Whole Foods Market, Annapolis Town Center totals 480,000 square feet. Other tenants at the property include a Life Time fitness club, Anthropologie, Sephora, RH (formerly Restoration Hardware), True Food Kitchen and Williams Sonoma. Target shadow-anchors the acquired portion of Annapolis Town Center.
Greenberg Gibbons Commercial developed the mixed-use Annapolis Town Center property in 2008, with development costs estimated at $500 million. In addition to the retail component, the development features office space, luxury condominiums and apartments.
The Capital Gazette reports that PGIM acquired the property from Greenberg Gibbons in 2018 for an undisclosed price.
This acquisition marks the continuation of Federal Realty’s growth of its retail portfolio; the firm also acquired Town Center Plaza and Town Center Crossing in Kansas earlier this year.
Federal Realty owns 102 properties that comprise approximately 3,500 tenants across 27 million commercial square feet, as well as approximately 3,000 residential units. Notably the company owns mixed-use developments and town centers including Santana Row in Silicon Valley, Pike & Rose in Bethesda, Md., and Assembly Row in Somerville, Mass.
Federal Realty’s stock closed on Monday, Oct. 13 at $95.58 per share, down from $111.53 a year ago, a 14.3 percent decrease.
— Hayden Spiess