COMING SOON: GlobeStRETAIL.com. Keep watching for details!
Some $350 million in shopping-center acquisitions are in the future for the newly hatched joint venture between Federal Realty Investment Trust and Clarion Lion Properties Fund. The venture, which GlobeSt.com reported in mid-July, brings to Rockville, MD-based Federal an opportunity to grow a portfolio of stabilized assets as opposed to value-added opportunities, which accounts for both the REIT's mainline strategy and its current 16.9-million-sf portfolio, says president and CEO Donald Wood. In an exclusive interview, Wood recently detailed the courtship and marriage of the two entities and explained what the future holds for the newlyweds, especially as the interest-rate environment--and possibly consumer spending habits--begins to shift.
GlobeSt.com: How long were you talking to Clarion before shaking hands?
Wood: We were looking at doing a joint venture with an institutional partner for about a year, and Clarion was among the people who were interested.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
