Grocery-Anchored Center Goes for $20M

SILVER SPRING, MD-Plaza del Mercado has found itself in the hands of a new owner with Federal Realty Investment Trust’s recent purchase of the fee interest in the nearly 100,000-sf grocer-anchored shopping center. The retail property REIT handed over $20 million in cash to seller Plaza del Mercado LLC in exchange for the shopping destination.

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.