Kingstowne, Va. — Avison Young has brokered the sale of a retail portfolio totaling 410,398 square feet in Kingstowne, located approximately 13 miles southwest of Washington, D.C. in Fairfax County. Rockville, Maryland-based Federal Realty Investment Trust (NYSE: FRT) purchased the portfolio for $200 million.
The retail portfolio includes a significant portion of Kingstowne Towne Center, a live-work-play power center in Virginia. The property is 97 percent leased to 61 tenants, including supermarkets Safeway and Giant. According to local news outlets, the center also features tenants T.J. Maxx, Ross, HomeGoods, &pizza and Cava. The deal will close in two parts; the first half closed in April and the remainder is scheduled to close in July. Dean Sands and Chip Ryan of Avison Young represented the seller, The Halle Cos. The Halle Cos. developed Kingstowne Towne Center in the mid-1980s, converting 1,200 acres into a master-planned community.
“Kingstowne Towne Center, with its attractive demographics and significant barriers to entry, is reflective of our Northern Virginia growth strategy, and further demonstrates our corporate commitment to seizing value-enhancing opportunities,” says Deirdre Johnson, senior vice president, asset management for Federal Realty. “Offering a convenient and walkable format, and more than 60 diverse retail and dining options, the center already possesses strong fundamentals. We look forward to bringing an elevated experience to the local community and further expanding our presence in the area as part of our long-term regional strategy.”
The portfolio is located less than two miles from the Transportation Security Administration’s new headquarters, three miles from the National Geospatial Intelligence Agency, four miles from Fort Belvoir, seven miles from Amazon’s second headquarters and 13 miles from downtown Washington, D.C.
“This portfolio represented an exceptional opportunity to acquire a generational asset that makes up the critical mass of Kingstowne Towne Center,” says Dean Sands, principal in the Avison Young’s U.S. capital markets group.
FRT’s stock price opened at $125.13 per share on Friday, April 22, up from $109.35 one year ago.
— Julia Sanders