Federal Realty acquires two retail centers in New Jersey

Rockville, Md. — Federal Realty Investment Trust has acquired controlling interests in two shopping centers in Affluent Monmouth County, N.J., for $161 million. Both the Grove at Shrewsbury and Brook 35 are located on Route 35 and serve the emerging bedroom and second home communities of Shrewsbury, Red Bank, Rumson, Fair Haven, Little Silver, and Middletown. The acquisition was made with a combination of downREIT units, cash and the assumption of $68 million of fixed rate debt secured by the properties.

The Grove at Shrewsbury is the trade area’s dominant shopping destination with a trade area population of 138,000 and average annual household incomes of $111,586. The Grove has more than 40 national and regional tenants including Lululemon, Brooks Brothers, Anthropologie, Pottery Barn, J.Crew, Banana Republic and Williams-Sonoma. Constructed in 1988, the property spans just over 25 acres in Shrewsbury, N.J.

About 15 miles south in Sea Girt, N.J., Brook 35 serves a wealthy coastal trade area with a population of 123,000 and an average annual household income of $101,487. Tenants include Ann Taylor, Banana Republic, Coach, and Williams-Sonoma.

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