Carrying an address on Bel Pre Road, Plaza del Mercado was constructed in 1969 and features a 24,000-sf Giant Food grocery store with a CVS Pharmacy as its anchor. "The acquisition of this well-established neighborhood shopping center anchored by Washington's market leading drug store and supermarket further enhances the Trust's already dominant Washington-area portfolio," explains Jeff Berkes, chief investment officer for Federal Realty.

And with the new owner comes new plans for the property. "The Giant is undersized at 24,000 sf, so that will be the focus for redevelopment, expanding that Giant to a prototypical store," Federal Realty's Kristine Warner shares with GlobeSt.com.