Thursday, June 17, 2021 / by Juan Grimaldo
Washington, D.C. real estate investor enters Valley by acquiring 2 retail centers
Federal Realty Investment Trust, a nationally recognized real estate developer that focuses on shopping centers, has entered the Phoenix market by acquiring two large retail properties in Phoenix and Scottsdale for a combined price of $200 million.
Maryland-based Federal Realty (NYSE: FRT) closed on The Shops at Hilton Village, a 92,728-square-foot trophy shopping center on Tuesday for $37.5 million. Michael Hackett and Ryan Schubert with Cushman & Wakefield’s Phoenix office brokered the sale of The Shops at Hilton Village.
The company is also under binding contract to acquire the 642,000-square-foot super regional community shopping center Camelback Colonnade for $162.5 million. That deal is expected to close by the end of the month.
To continue reading, click here.
By Brandon Brown, Reporter - Phoenix Business Journal