FAIRFAX COUNTY, VA-Two retail properties in Fairfax County have gotten a new owner with Federal Realty Investment Trust's recent acquisition of South Valley Shopping Center and the neighboring Mount Vernon Plaza for $13.7 million and $17.5 million, respectively. The purchases were made from two different owners.
“We are thrilled with this rare opportunity to acquire both shopping centers and as a result, control 42 contiguous acres on Rte. 1 in Fairfax County,” says FRIT senior vice president of strategic transactions Jeffrey S. Berkes.
FRIT plunked down cash in return for the fee interest in the 213,000-sf South Valley Shopping Center, which was developed in 1966. The property has since undergone significant renovations and expansions, and now boasts Home Depot and TJ Maxx as anchors.
The purchase of Mount Vernon Plaza involved cash, down-REIT partnership units and debt. Built in 1972, the shopping property offers 257,000 sf of leasable space, and sports Shoppers Food Warehouse as an anchor.
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