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Federal Realty Buys Controlling Stake in MD Retail Center for $127M

Ceruzzi Holdings Sells Nearly 90% Interest in Montrose Crossing
January 11, 2012
Federal Realty Investment Trust purchased controlling interest in Montrose Crossing in Rockville, MD, for $127 million or $397 per square foot.

Montrose Crossing is a 355,000-square-foot retail shopping center on Rockville Pike (MD-355). The interest purchased equates to 89.9 percent. After the acquisition Federal Realty Investment Trust now manages 1.2 million square feet of existing retail space on Rockville Pike. Included in the 1.2 million square feet are Montrose Crossing, Congressional Plaza, Federal Plaza and Mid-Pike Plaza. Pike & Rose, a proposed retail development, is projected to be built by FRIT in mid-2012.

Montrose Crossing has numerous big box retailers including a 73,000-square-foot Giant Food, Sports Authority, Marshalls and Old Navy. In addition to the big box retailers, Montrose is also accompanied by a 148,000-square-foot Target.

The complex has been built in many phases dating back to 1962, its original construction complete date. The current zoning is classified as "mixed."

"Montrose Crossing has been a prime acquisition target of our firm for decades," said Don Wood, president and CEO of FRIT. "It's a dominant shopping center with very productive tenant sales that has historically competed aggressively with our own Congressional Plaza, Federal Plaza and Mid-Pike Plaza. With the addition of Montrose Crossing, we now have a product on the Pike that will work in terms of focus and merchandising strategy for nearly every retailer."
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