-Innovative grocer is the latest in a series of premier retailers to locate in
Hollywood, one of the fastest growing districts in Los Angeles-
SAN JOSE, Calif., July 19 /PRNewswire-FirstCall/ -- Federal Realty Investment Trust (NYSE: FRT) announced today that Tesco has signed a lease to open one of the company's first locations of its newest chain of grocery stores, Fresh & Easy Neighborhood Market, in Los Angeles at 7120 Hollywood Boulevard, a building owned by Federal Realty in partnership with CIM Group.
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The 16,600-square-foot Fresh & Easy Neighborhood Market grocery store is expected to open at the 149,000 square foot urban neighborhood shopping center in fall 2008. Fresh & Easy Neighborhood Market will join retailers DSW Shoe Warehouse, LA Fitness, Longs Drugs and The Knitting Factory at the property, which as been significantly redeveloped over the past two years.
"This Hollywood Boulevard property is in the heart of Hollywood, a vibrant urban district," said Chris Weilminster, senior vice president of leasing for Federal Realty Investment Trust. "The location and ample parking provide the perfect platform for bringing Fresh & Easy Neighborhood Market, along with other great retailers, to serve the needs of the growing surrounding community."
"Tesco is currently one of the most sought after retailers, as they are known for top-tier customer service, rigorous dedication to quality and an enticing array of fresh and packaged foods," said Jeff Kreshek, principal, CIM Group. "The fact that Tesco is opening their newest chain in Hollywood marks another significant milestone in the rapid growth of this dynamic district." Federal Realty and CIM acquired the failed entertainment center, formerly known as the Galaxy Building, in 1999. Since that time, the partners have completed site improvements at the property, including enhanced landscaping, and upgrades to the facade, common areas and parking garage. "The addition of Tesco finalizes the transition of the property into a dominant, community serving, grocery-anchored center," said Jan Sweetnam, vice president of asset management for Federal Realty Investment Trust.
Tesco is the latest in a series of premier retailers that are redefining the retail landscape throughout the Hollywood district that includes two of the top international fashion retailers, Zara and H&M, along with Napoleon Perdis Cosmetics, XXI Forever, Guess, Lucky Brand, BCBG, American Eagle Outfitters and Virgin Megastore. The district also features abundant clubs and restaurants, and new housing which has added to its appeal as an office location prompting steady demand for office space.
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 19.4 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 0.9 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 96.6% leased to national, regional, and local retailers as of March 31, 2007, with no single tenant accounting for more than approximately 2.9% 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.
About CIM Group
CIM Group has identified Hollywood as a premier urban district for investment and development. In line with its long-term view of a flourishing Hollywood community, the company has built a broad-based portfolio that includes a variety of properties. They include housing, office, entertainment and a diverse mix of restaurants and retailers to support revitalization of the area as a vibrant urban center serving residents, visitors and businesses. The company made its first investment in Hollywood in 1998 with the acquisition of the office building now known as the TV Guide Hollywood Center, which also is the company's headquarters. Today, CIM Group is one of the largest property owners in Hollywood including the Hollywood & Highland Center.
Founded in 1994, CIM Group is a full-service private equity real estate investor. CIM applies its multidisciplinary expertise in the areas of investment and development, mezzanine financing, fund management, commercial leasing, and property management. CIM has successfully identified and invested in some of the most vibrant transitional urban districts in North America based on its integrated approach to investing that utilizes its broad based in-house capabilities and deep market knowledge.
CIM specializes in high-density urban communities, bringing its extensive real estate experience to a diverse array of asset categories including mixed-use, office, retail, hotel, entertainment and multi-family. Headquartered in Los Angeles, CIM maintains regional offices in San Francisco and Bethesda, Maryland. More information on CIM can be found at http://www.CIMGroup.com.
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SOURCE Federal Realty Investment Trust
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