$189M Wins Nottingham's Mixed-Use Portfolio

BALTIMORE-Federal Realty Investment Trust has acquired a $189-million retail-and-commercial portfolio from locally based Nottingham Properties Inc., using a combo of common and convertible preferred stock, downREIT units and the assumption of fixed-rate debt.

Totaling 665,000 sf, the 16-asset portfolio is largely retail, dominated by three assets in the White Marsh submarket: White Marsh Plaza, Shoppes at Nottingham Square and Avenue at White Marsh–which, at roughly 300,000 sf, is almost half of the portfolio. With this addition, Federal Realty’s footprint in the Baltimore/Washington, DC area increases by some 12%.

Other assets include a 13,000-sf retail center, one office building, three hotels, one parking lot in Towson that is under negotiations to be developed into a bank, and small net-lease, single-tenant restaurants and banks, according to John Hendrickson, vice president, strategic transactions. “It is a stabilized portfolio with an aggregate occupancy rate roughly in the high 90s,” he tells GlobeSt.com. Long-term ground leases generating approximately $2.9 million of rent from credit tenants were part of the acquisition.