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Federal Realty Investment Trust is renovating one of several Northern Virginia shopping centers in its portfolio.
The REIT plans to complete the second phase of renovations this summer on Barcroft Plaza, a 115K shopping center in Falls Church anchored by a Harris Teeter grocery store.
The property sits at the intersection of Columbia Pike and Lincolnia Road in Falls Church. The shopping center includes Harris Teeter, Starbucks, Super Dollar, 7-Eleven, ZIPS Dry Cleaners, Super Pollo, plus the two most recent additions, Glory Days Grill and Orangetheory Fitness.
Federal Realty acquired the shopping center in 2007 and began renovations last year. The first phase of renovations included facade improvements, parking changes and the addition of an outdoor patio at the Starbucks.
The second phase of renovations is focusing on the eastern portion of the shopping center that includes Super Dollar and 7-Eleven. It aims to improve the facade, signage and landscaping to create a cohesiveness among the shopping center's storefronts. The renovations are expected to cost about $3M.
"Federal Realty focuses on creating unique and inviting environments for local communities to gather and shop in," Federal Realty Vice President of Asset Management Deirdre Johnson said in a release. "This project will contribute to customer and tenant experience by greatly improving the aesthetic appeal and standard of design at the center."
The Rockville-based REIT in February announced plans for a new corporate office in Tysons as part of an expansion in Northern Virginia, and the following week it acquired a Fairfax shopping center for $22.5M. Federal Realty's Virginia portfolio includes 3.9M SF of real estate, including Pentagon Row, Pike 7 Plaza, Village at Shirlington and Pan Am Shopping Center.
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