Rockville, MD - An agreement has been signed by Federal Realty Investment Trust (NYSE: FRT) and Giant Food that will make the grocer the anchor tenant in the redevelopment of Loehmann's Plaza in Falls Church, VA. The agreement is a result of Federal Realty's plans for redevelopment including new facades, landscaping, lighting, signage and the relocation of existing stores.
"The redevelopment of Loehmann's Plaza is an investment that provides long-term growth for the tenants as well as the community served by the center" said Chris Weilminster, Senior Vice President of Retail for Federal Realty.
Weilminster continued, "It's our job to bring in the right mix. As the number one market share grocery provider in the Washington metropolitan marketplace, Giant Food is an ideal tenant. The addition of a first class grocer will significantly expand the convenience and value Loehmann's Plaza offers nearby consumers."
Federal Realty's $12 million redevelopment plan will include the relocation of Loehmann's Dress Shop into the space that was formerly occupied by Linen's N Things. The existing Loehmann's Dress Shop space, along with the adjacent small shop spaces, will be demolished to accommodate a 58,000-square foot Giant Food store.
"Giant is very excited about establishing a store in this prime retail property," said Guy Stutz, Senior Director of Real Estate for Giant Food. "The redevelopment activities planned for Loehmann's Plaza will create a place and environment where people want to spend time. We look forward to better serving our customers in this expanded facility."
Stutz said that Giant Food would continue to be an innovator in the supermarket industry as the company opens news stores and remodels older ones, encompassing the latest merchandising trends. Giant Food also plans to launch new programs to educate consumers through the promotion of credible health information, quick nutritious recipes, food safety advice and smart shopping tips.
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 18.3 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 96.7% leased to national, regional, and local retailers as of June 30, 2006, with no single tenant accounting for more than approximately 2.6% 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.