Trader Joes Signs at Eastgate Shopping Center
-New retailers and upgrades on the horizon for shopping center-
CHAPEL HILL, N.C. (April 3, 2007) – Federal Realty Investment Trust (NYSE: FRT) announced today that unique neighborhood grocer, Trader Joe's, has just signed a lease to open in the Eastgate Shopping Center in Chapel Hill, North Carolina.
Trader Joe's plans to open a 13,000-square-foot store by the late fall of 2007 at Eastgate Shopping Center. The grocer will join the 157,000 square foot lifestyle center that boasts a distinctive lineup of local, regional and national tenants.
“Eastgate Shopping Center is a dynamic retail destination. We strive to bring in the best mix of local, regional and national tenants to meet the needs of the surrounding community," said Chris Weilminster, Federal's senior vice president of leasing. "Trader Joe's compliments the unique merchandise mix and provides the residents of Chapel Hill more variety in their neighborhood shopping choices.”
In addition, Porto, the area's destination for furniture, lighting, home accessories and fine art will be joining the Eastgate Shopping Center tenant line-up. Porto will be located next to SteinMart and plans to open this summer. This will be the second location for Porto.
“We are very excited about coming to Eastgate. Chapel Hill and Eastgate is a natural progression and a perfect place for our newest location,” said Michael Perry, owner of Porto.
Federal Realty also has plans for façade and site improvements to the property to include new entry portals, awnings and signage and improved landscaping and parking areas.
“Eastgate is a staple in the Chapel Hill community and the proposed changes will insure that the shopping center continues to be an epicenter of activity for years to come, " said John Tschiderer, Federal Realty's vice president of development.
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 19.5 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.