Federal Realty announces acquisition of Virginia Gateway for $215M

Federal Realty Investment Trust announces the acquisition of Virginia Gateway, an approximately 665,000-square-foot irreplaceable regionally-dominant retail center spanning 110-acres in Gainesville, Virginia, for $215M. “The property is approximately 95% occupied and features strong tenant sales and high traffic counts in an affluent and growing market,” the company stated. Jeff Berkes, President & Chief Operating Officer of Federal Realty, remarked: “We are extremely fortunate to have acquired Virginia Gateway, which is a dominant, irreplaceable regional shopping center that aligns perfectly with our acquisition strategy. A retail property of this size and scale, located in an affluent trade area at a heavily trafficked interchange, is not reproducible in today’s market environment. With the addition of this highly productive regional center, Federal Realty’s Northern Virginia portfolio grows to 3.6 million square feet, solidifying our presence in this thriving region.”