ROCKVILLE, MD—Federal Realty Investment Trust has bought out its JV partner, a fund advised by ING Clarion Partners, in six shopping centers for a total of $154 million. It paid $130 million in cash, with the remainder its allocable share of mortgage debt.
The 820,000-square foot portfolio includes the Atlantic Plaza and Campus Plaza in the Boston market; Greenlawn Plaza on Long Island, NY; the Free State Shopping Center and Plaza del Mercado, both in Suburban Maryland; and Barcroft Plaza in Northern Virginia.
The JV with ING Clarion Partners dates back to 2004. Earlier this month, news surfaced that global asset manager Legg Mason was in exclusive discussions to acquire majority ownership in Clarion Partners from Lightyear Capital.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
