Bethesda, MD-based Federal Realty Investment Trust is acquiring Kingstowne Towne Center in Kingstowne, VA for $200 million. The property is 97% leased.
The acquisition will close in two phases. Federal Realty has closed on phase one of the acquisition for $100 million and expects to close on phase two for $100 million in July. Combined, the property comprises 410,000 square feet of retail space on 45 acres of land.
Located in Virginia’s Fairfax County near TSA’s new headquarters, Kingstowne Towne Center is surrounded by 5,200 homes, four commercial office buildings and a planned multifamily development. It is part of a one million-square-foot regional retail node that attracts 8.3 million visits annually.
Federal Realty recently acquired Twinbrooke Shopping Centre in Fairfax and Chesterbrook in McLean and the recent renovation of Birch & Broad in Falls Church. Federal Realty now owns and operates over 4 million square feet of real estate in VA.
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