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.
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