Federal Realty Buys Fairfax Shopping Center As Part Of Northern Virginia Expansion
The Rockville-based REIT that owns properties such as Bethesda Row and Pike & Rose is expanding its Northern Virginia presence with a new buy.
Federal Realty Investment Trust announced Wednesday it acquired the Fairfax Junction shopping center from Glazer Properties for $22.5M. The 7-acre property sits at the intersection of Lee Highway and Route 236 in Fairfax. It consists of 75K SF of retail, anchored by an Aldi grocery store, Planet Fitness and CVS. H&R Retail's Michael Gorsage brokered the deal on behalf of the seller.
The acquisition comes a week after Federal Realty announced plans for a corporate office in Tysons as part of an expansion in Northern Virginia. The REIT already owned 3.6M SF of property in Virginia, including Pentagon Row, Pike 7 Plaza and Village at Shirlington.
"Adding Fairfax Junction, with its premier location and strong demographics, further fuels the Trust's growing presence in Northern Virginia," Federal Realty Vice President of Asset Management Deirdre Johnson said in a release. "As long-term holders of our real estate, we look forward to taking the property to the next level as leasing and possibly redevelopment opportunities unfold over the coming years."