Rockville, Md. — Rockville-based Federal Realty Investment Trust has acquired the 70 percent interest owned by affiliates of a discretionary fund advised by ING Clarion Partners in a joint venture that owns six shopping centers.
The purchase price was approximately $154 million, consisting of $130 million of cash and assumption of the allocable share of mortgage debt. The properties include Atlantic Plaza and Campus Plaza near Boston; Greenlawn Plaza on Long Island; Free State Shopping Center and Plaza del Mercado in suburban Maryland; and Barcroft Plaza in Northern Virginia.
With this acquisition, Federal Realty has successfully concluded the venture that was formed in 2004 and increased its ownership of the 820,000-square-foot portfolio from 30 percent to 100 percent.