Rockville, Md. (February 26, 2007) - Federal Realty Investment Trust (NYSE: FRT) announced today that it has signed a 34,000 square foot lease with a regional grocer, Super Fresh, to anchor Rockville Town Square, the new mixed-use project in downtown Rockville. Super Fresh is expected to open in the fourth quarter 2007, and will feature natural and organic foods along with conventional items.
“With the signing of Super Fresh, we have considerably enhanced this retail destination,” said Wendy Seher, vice president, leasing for Federal Realty Investment Trust. “We are excited about the fresh concept, and we are confident this grocer will meet not only the needs of the project, but the needs of the residents in and around the Rockville community”.
A unique blend of local, regional and national tenants will comprise the over 45 stores, restaurants and services that will be opening over the next several months which began with the opening of Starbucks on Monday, February 19. The Grand Opening of Rockville Town Square will take place over Memorial Day Weekend.
Some of the tenants joining the Super Fresh at Rockville Town Square that have not yet been announced are:
- Bobby's Crab Cakes serves first class seafood in a casual environment specializing in crab cake sandwiches, lobster rolls and much more. This is Bobby's Crab Cakes first location.
- Cloud 9 Clothing is a hip clothing store that carries great denim and collections as well as handbags and accessories. Currently they have 3 Baltimore locations.
- La Flor de la Canela is an upscale, full service Peruvian restaurant, which currently has a location in Gaithersburg, Maryland.
- Love Your Eyes is an upscale optical boutique that has one other location at The Washingtonian Center in Gaithersburg, MD.
- Oro Pomodoro is a hip Italian trattoria featuring wood oven pizza. This is the first location for this concept which was created by Savino Recine of Primi Piatti, Finemundo, and Cloud.
- Pomegranate & Co is a design based home furnishings boutique from downtown Bethesda specializing in upholstery, lighting and tabletop.
- Town Square Jewelers will be a full service operation with repair and engraving services, as well as the sale of fine jewelry and watches.
Rockville Town Square consists of 108,000 square feet of restaurants and shops on the street level, 644 condominiums and apartments, 2,000 parking spaces and a public square. Montgomery County's flagship 100,000 square foot library with modern design, adds a rich element to Town Square. The design of the 15-acre pedestrian-oriented project, with its wide basket-weave brick sidewalks, large trees, islands of flowers, and colorfully painted residences overlooking a fountain and benches, is modeled after Italian piazzas.
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 18.8 million square feet located primarily in strategic metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 0.7 million square feet of retail space through its joint venture with Clarion Lion Properties Fund in which the Trust has a 30% interest. Our operating portfolio (excluding joint venture properties) was 96.5% leased to national, regional, and local retailers as of December 31, 2006, with no single tenant accounting for more than approximately 2.5% 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 39 consecutive years, the longest record in the REIT industry. Shares of Federal Realty are traded on the NYSE under the symbol FRT.
