A real estate company specializing in the ownership, management, development and re-development of shopping centers and street retail properties— recently acquired a community complex in Florida. The Tower Shops, commercial complex— was bought for about $66.1 million.
According to a press release, the commercial complex purchased by Federal Realty has large opportunity for expansion and redevelopment and is well-situated with strong anchor lessees.
Major tenant line- up in the community complex includes Ross, DSW, TJ Maxx, Old Navy, Michaels, and Best Buy, which will on be opening fall 2011, plus other shadow-anchors—Home Depot and Costco.
The 372,000 square foot community complex is said to be a local retail destination within a thickly populated business area. About 326,000 residents within a five- mile radius that is located at the University Drive intersection and two main highways in Broward County.
In a press announcement released today, Federal Realty’s recently acquired community complex expands its portfolio to about 680,000 square feet (more or less) of retail space in South Florida— Courtyard Shops in Wellington and Del Mar Village at Boca Raton.
Federal Realty’s executive vice president and chief investment officer, Jeff Berkes said, the community complex is an excellent addition to the company’s South Florida assets, with its outlooks for future profits accretion, regional dominance, and infill location.
Berkes also added the company is willing to apply further creativity and patience for the growth of the company.
FRT is said to acquire high- quality retail properties, as well as mages and redevelops top quality assets located in the company’s target market.
The community complex sat at 67 acres in Davie, a town in Broward County, Florida.