Federal Realty Investment Trust has acquired Kingstowne Towne Center in Kingstowne, Virginia for $200 million.
Kingstowne Towne Center is surrounded by 5,200 homes, four commercial office buildings, and planned multifamily development. The property is part of a one million-square-foot regional retail node that attracts approximately 8.3 million visits annually. Federal Realty is a firm in the ownership, operation, and redevelopment of retail-based properties located primarily in major coastal markets.
“Kingstowne Towne Center has afforded us a rare opportunity to own 45 acres of land in one of the country’s most desirable markets,” said Jeff Berkes, COO of Federal Realty. “The large property, which boasts attractive demographics and significant barriers to entry, is a valuable addition to our expanding Northern Virginia portfolio and further demonstrates our corporate commitment to investing in value-enhancing acquisitions.”