Federal Realty Buys Fairfax, Va. Retail Center for $22M
Rockville, Md.-based Federal Realty Investment Trust has acquired Fairfax Junction, a two-story, 75,000-square-foot retail center in Fairfax, Va., from Rochester, N.Y.-based Glazer Properties for $22.5 million, according to a press release from Federal Realty.
The center, which is fully leased to Aldi, Planet Fitness, Advanced Auto Parts and CVS, is located at 11001 Lee Highway—17 miles from Washington, D.C. A spokeswoman for Federal Realty would not disclose terms of the retailers’ leases.
Deirdre Johnson, a vice president at Federal Realty, touted the center’s “premier location and strong demographics,” in a prepared statement. She said the firm looks forward to “taking the property to the next level” as leasing and possible redevelopment opportunities unfold in the future.
The Federal Realty spokeswoman said the firm’s immediate focus is to “to operate the center, build relationships with merchants and be responsive to the community.”
Federal Realty currently owns and operates 3.8 million square feet of real estate in Virginia. It recently announced that it’s searching for a location in Tysons Corner to open its first full-service corporate office in Northern Virginia.
Michael Gorsage of H&R Retail represented Glazer Properties in the deal. He did not return Commercial Observer’s request for comment. Federal Realty was not represented by a broker.