ROCKVILLE, Md., April 5, 2017 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) today announced the acquisition of Riverpoint Center, a 211,000 square foot grocery anchored community shopping center with surface parking on 17 acres of land in Chicago, Illinois. The property is located in affluent Lincoln Park and is 3.5 miles northwest of downtown Chicago. The Trust sourced the acquisition off-market for $107 million cash.
Riverpoint Center is currently 97% occupied and is anchored by Jewel-Osco, Marshalls and Old Navy. Federal Realty anticipates increasing the value of the Property over time through the re-leasing of space currently leased at below market rents and the potential to increase density on this large, in-fill site.
"Through our decentralized structure, our team was able to identify Riverpoint Center off-market as a large urban infill asset with below market rents providing additional fuel for our redevelopment pipeline that we can harvest over time," said Deirdre Johnson, Vice President of Asset Management, Core Division.
"This investment capitalizes on the continued trend toward urbanization in our existing markets," said Dan Guglielmone Federal Realty's Chief Financial Officer and Treasurer. "Riverpoint Center is located on a large piece of land in the dense, urban Lincoln Park neighborhood with strong demographics and high barriers to entry – all of which are consistent with our investment strategy."
Riverpoint Center is located at the northwest corner of West Fullerton Avenue and North Clybourn Avenue in Lincoln Park, Chicago. West Fullerton Avenue is a major east/west corridor connecting Lake Michigan to Interstate 90/94 – Kennedy Expressway. Clybourn Avenue is a major north/south artery in Lincoln Park and is one of the largest retail corridors in the city of Chicago. The Property boasts demographics that enhance Federal Realty's already sector-leading position, with 545,759 people and average household incomes of $104,696 within a 3-mile radius.
About Federal Realty
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, our mission is to deliver long term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Our expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 97 properties include over 2,800 tenants, in approximately 23 million square feet, and over 1,800 residential units.
Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 49 consecutive years, the longest record in the REIT industry. Federal Realty shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.FederalRealty.com.
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SOURCE Federal Realty Investment Trust