Federal Realty Acquires Virginia Gateway in Dynamic & Affluent Northern Virginia
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Federal Realty Investment Trust (FRT)
Last federal realty investment trust earnings: 2/10 04:05 pm
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Source: PR Newswire
110-Acre Retail Hub with Market-Dominant Position and Strong Tenant SalesNORTH BETHESDA, Md., June 3, 2024 /PRNewswire/ -- Federal Realty Investment Trust (NYSE:FRT) is pleased to announce the acquisition of Virginia Gateway, an approximately 665,000-square-foot irreplaceable regionally-dominant retail center spanning 110-acres in Gainesville, Virginia, for $215 million. The property is approximately 95% occupied and features strong tenant sales and high traffic counts in an affluent and growing market.Situated at the intersection of Route 29 and I-66, Virginia Gateway is a prominent retail and entertainment hub with exceptional visibility and access, drawing visitors from a wide regional trade area. In 2023, the property ranked third in Virginia for annual visits, according to Placer.ai, just behind Tysons Corner. The high traffic volumes drive strong tenant sales at the property across categories, but particularly in food and beverage.Virginia Gateway offers a diverse and unique mix
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