Twinbrooke Shopping Centre
Update
09/13/21
Federal Realty Acquires Fairfax Shopping Plaza for $33.8M
Federal Realty Investment Trust has announced the acquisition of a 100% interest in Twinbrooke Shopping Centre, a 110,000 square foot grocery-anchored neighborhood shopping center on 10 acres located in Fairfax, Virginia. The Property is situated at the intersection of Braddock Road (VA Route 620), a main east-west thoroughfare providing access to the DC beltway (I-495), and Twinbrook Road. Federal sourced the acquisition off-market for a purchase price of $33.8 million cash. In 2021, Federal Realty has acquired 5 properties totaling 1.9 million square feet and 135 acres at a gross value of $441 million of which Federal will own an average 82% interest.
"Throughout the pandemic, our teams have remained focused on identifying growth and value-enhancing opportunities, and our acquisitions group is no exception as evidenced by the 5 properties we've accretively acquired in 2021," said Don Wood, Chief Executive Office of Federal Realty. "We continue to add properties to our portfolio with long-term value creation opportunities through redevelopment, merchandising and capital investment."
The property is 86% occupied and anchored by Safeway and Walgreens. Similar to the recently acquired Chesterbrook Shopping Center, Federal Realty anticipates increasing the value of Twinbrooke over time through remerchandising and incremental capital investment.
"Our dedicated Northern Virginia team continues to expand and strengthen Federal's position in this dynamic and growing submarket" said Deirdre Johnson, Vice President, Asset Management of Federal Realty. "Since our Northern Virginia office opened in 2019, we have acquired off-market 4 shopping centers in Fairfax County, Virginia for a total of 324,000 square feet."
