FRIT Buys Out JV Partner Clarion In 6 Shopping Centers For $154M
Federal Realty Investment Trust has bought out its JV partner, ING Clarion Partners, in an 820k SF portfolio of six shopping centers.
Federal Realty has bought out a fund advised by ING Clarion Partners for a total of $154M, GlobeSt reports. The firm paid $130M in cash, with its allocable share of mortgage debt accounting for the remaining balance. The JV began back in 2004.
The portfolio includes two shopping centers in the Boston market and one on Long Island. Locally, the portfolio includes the Barcroft Plaza in Falls Church, which includes Harris Teeter, Bank of America and Starbucks among its tenants.
Also included are the Free State Shopping Center in Bowie, MD, and Plaza del Mercado in Silver Spring. Federal Realty was in the news locally just last month for the hiring of Ramsey Meiser as SVP to manage the firm’s mixed-use development pipeline in the Mid-Atlantic. Ramsey was previously at Forest City Washington. [GS]
