On Thursday, Shares of Federal Realty Investment Trust (NYSE:FRT), subtract -0.17% and now trading at $132.88 in the current trading session. The current trading range of the stock ranges between $132.33 and $133.70.
Federal Realty Investment Trust (NYSE: FRT) recently declared the acquisition of Riverpoint Center, a 211,000 square foot grocery anchored community shopping center with surface parking on 17 acres of land in Chicago, Illinois. The property is located in affluent Lincoln Park and is 3.5 miles northwest of downtown Chicago. The Trust sourced the acquisition off-market for $107 million cash.
Riverpoint Center is presently 97% occupied and is anchored by Jewel-Osco, Marshalls and Old Navy. Federal Realty anticipates increasing the value of the Property over time through the re-leasing of space presently leased at below market rents and the potential to increase density on this large, in-fill site.
“Through our decentralized structure, our team was able to identify Riverpoint Center off-market as a large urban infill asset with below market rents providing additional fuel for our redevelopment pipeline that we can harvest over time,” said Deirdre Johnson, Vice President of Asset Administration, Core Division.
“This investment capitalizes on the continued trend toward urbanization in our existing markets,” said Dan Guglielmone Federal Realty’s Chief Financial Officer and Treasurer. “Riverpoint Center is located on a large piece of land in the dense, urban Lincoln Park neighborhood with strong demographics and high barriers to entry – all of which are consistent with our investment strategy.”
Riverpoint Center is located at the northwest corner of West Fullerton Avenue and North Clybourn Avenue in Lincoln Park, Chicago. West Fullerton Avenue is a major east/west corridor connecting Lake Michigan to Interstate 90/94 – Kennedy Expressway. Clybourn Avenue is a major north/south artery in Lincoln Park and is one of the leading retail corridors in the city of Chicago. The Property boasts demographics that enhance Federal Realty’s already sector-leading position, with 545,759 people and average household incomes of $104,696 within a 3-mile radius.
Analyst recommendation for this stock stands at 2.40.