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SAN FRANCISCO-Federal Realty Investment Trust has acquired the leasehold interest in the 228,000-sf Crow Canyon Commons community center here for $47.5 million in cash and assumed debt. The property is anchored by Albertsons, Loehmann's and Rite Aid.

Located at the intersection of Crow Canyon Road and Interstate 680, the property is about 98% leased. Officials with the Rockville, MD-based retail REIT anticipate increasing the value of the property over time through the re-leasing of space currently leased at below market rents.

Within a three-mile radius of the property there are more than 65,000 people with average household incomes of $155,000. Moreover, Federal Realty officials say there is only 12.7 sf of retail per resident. "Crow Canyon Commons is situated in one of the most desirable retail locations within its trade area," says Jeffrey Berkes, senior vice president and chief investment officer for Federal Realty.