The venture anticipates placing financing on the assets within the next 60 days. "The assets were acquired in an off market transaction and represent significant progress toward fully funding our recently announced joint venture with Clarion Lion Properties Fund," says Jeff Berkes, Federal Realty's senior vice president and chief investment officer.
Pleasant Shops is 100% leased and anchored by Foodmaster, Marshall's and CVS. The 128,000-sf community center was constructed in 1974 and renovated in 2001, and is located approximately 10 miles southeast of Downtown Boston on Route 18.
Campus Plaza, a 115,000-sf community shopping center is located on Route 18 in Downtown Bridgewater. The center was constructed in 1970 and renovated in 1999. Roche Brothers supermarket and Burlington Coat Factory anchor the property, which is currently 99% leased.
"The acquisition of these two stabilized, infill assets complements the Trust's existing portfolio in the Boston area and will allow us to increase our operating efficiencies and leasing synergies in this market," points out Donald C. Wood, Federal Realty's president and CEO.
The acquisitions add to Federal Realty's existing 565,000 sf Boston-area portfolio, which includes Dedham Plaza in Dedham, Queen Anne Plaza in Norwell and Saugus Plaza in Saugus.
Federal Realty announced this past July that it had formed a joint venture with Clarion Lion Properties Fund, a discretionary fund created and advised by ING Clarion Partners. The joint venture expects to acquire up to $350 million of stabilized, supermarket-anchored shopping centers in the Trust's East Coast and California target markets.
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