ROCKVILLE, Md., April 3, 2013 /PRNewswire/ -- Federal Realty Investment Trust (NYSE:FRT) today announced the acquisition of a shopping center on 9 acres directly across from the Noroton Heights train station in affluent Darien, Ct. for $47.3 million. The property is anchored by a Stop & Shop grocer, a Walgreens drug store and an Equinox health club and serves one of the most affluent commuter towns in the nation.
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Federal's interest in the property comes from its proven business plan of investing only in the best locations in key markets in the United States with potential for further improvement over the mid to long term. Noroton Heights is just such a location. The property sits at Exit 10 on Interstate 95 where more than 300,000 riders annually use the Noroton Heights train station to commute to Grand Central Station in Manhattan and other employment hubs. Average household income of $175,000 within one mile of the property and $114,000 within three miles puts this shopping center in the top quartile of Federal Realty properties and provides a strong foundation for future growth. The Darien market generates some of the highest retail, residential and office rental rates in the suburban New York metropolitan market.
"We couldn't be more excited to expand our presence in A+ locations surrounding New York City", commented James Taylor, Federal Realty's chief financial officer. "Darien has long been high up on our list of coveted locations due to its strong demographics and high barriers to entry for new retail development."
When asked about plans for expansion and improvement to the property, Federal Realty's northeast regional chief operating officer John Hendrickson said, "We're pleased with the quality of the tenancy and the important services this shopping center provides to Darien's residents. Having said that, our company's mission has always been to work closely with tenants, officials and residents of the communities in which we do business to create places that will thrive over the long term. In short, we want to be a valued and inclusive member of the community that adds to its quality of life and we look forward to finding ways to do just that here in Darien."
About Federal Realty
Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of high quality retail assets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 20 million square feet located primarily in strategically selected metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 1.0 million square feet of retail space through a joint venture in which the Trust has a 30% interest. Our operating portfolio (excluding joint venture properties) was 95.3% leased to national, regional, and local retailers as of December 31, 2012, with no single tenant accounting for more than approximately 3.2% of annualized base rent. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 45 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P MidCap 400 company and its shares are traded on the NYSE under the symbol FRT.
SOURCE Federal Realty Investment Trust