Federal Realty Investment Trust (NYSE: FRT) announced its $187 million acquisition of Annapolis Town Center, a 480,000-square-foot open-air shopping center in Anne Arundel County, Maryland.
The 19-acre property was constructed in the 1960s as an enclosed mall and redeveloped as a mixed-use development in 2008; the acquisition does not include the residential aspect of the property. The shopping center is anchored by Whole Foods, shadow-anchored by Target, and includes a mix of high-profile brands including Anthropologie, Sephora, Restoration Hardware, and Williams Sonoma.
“This is exactly the kind of opportunity we target: a dominant asset with strong fundamentals, competitive positioning, and the potential to unlock further value under our ownership,” said Don Wood, president and CEO of Federal Realty. “The traction we’ve seen across our other recent acquisitions gives us confidence in both our disciplined approach and our ability to scale strategically.”
Photo courtesy of Annapolis Town Center
