Federal Realty (FRT) Acquires Congressional North Center for $72.3M in Maryland

Federal Realty Investment Trust (NYSE:FRT) is included among the 14 Quality Stocks with Highest Dividends.

Federal Realty (FRT) Acquires Congressional North Center for $72.3M in Maryland

Photo by Dan Dennis on Unsplash

On March 16, Federal Realty Investment Trust (NYSE:FRT) announced the acquisition of the Congressional North Shopping Center in Montgomery County, Maryland, for $72.3 million.

The property sits immediately next to Federal’s Congressional Plaza. It is a grocery-anchored center with about 176,000 square feet of retail space spread across 13 acres. Key tenants include Aldi, RH Outlet, Petco, and Staples. The acquisition adds to Federal’s presence along Rockville Pike (Route 355), one of the Washington DC Metro region’s most established commercial corridors.

Congressional North is located in a dense and affluent submarket. Federal already owns several assets there, including Congressional Plaza, Federal Plaza, Montrose Crossing, and Pike & Rose. These are some of the most dominant retail properties in the area, with tenant sales that rank among the strongest in the US.

Federal Realty Investment Trust (NYSE:FRT) operates as an equity real estate investment trust. It focuses on owning, operating, and redeveloping retail-based properties. Its portfolio is mainly concentrated in major coastal markets, along with select underserved regions that show strong economic and demographic fundamentals.

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