ROCKVILLE, MD-Federal Realty Investment Trust has set its sites on new retail outlets for three of its Kmart stores–totaling 326,000 sf–that have been designated by Kmart Corp. for closing in connection with the latter company’s bankruptcy reorganization plan. FRIT’s stores in Queens, NY, Flourtown, PA, and Leesburg, VA will soon shut their doors, despite the fact that FRIT’s three properties were not on Kmart’s list of low-performance stores. FRIT has a total of five Kmarts in its portfolio.

“Over the past several years, Kmart’s anchor presence has not contributed to Federal Realty’s tenanting and merchandising objectives at these properties,” says FRIT vice president of anchor tenant leasing Chris Weilminster. “A stronger, more vibrant retailer at these locations will improve traffic, sales and rents at these already successful properties.” FRIT has not yet named names of potential new retailers to fill the impending vacancies.

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