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Federal Realty is bringing even more residential units onto its shopping centers.
The Rockville, Md.–based REIT added a $23 million, 87-unit residential project at Bala Cynwyd Shopping Center, outside Philadelphia, to its development pipeline.
“This will be our seventh residential project developed internally by our team to intensify one of our core shopping centers,” said President and CEO Donald C. Wood during an earnings call with investors. Federal Realty has also added or is in the process of adding residential space to its Congressional Plaza, in Rockville; Chelsea (Mass.) Commons; Linden Square, in Wellesley, Mass.; and Wynnewood (Pa.) Shopping Center.
“In terms of Bala Cynwyd, we would expect this residential project to be just the first step of what will hopefully be an ambitious redevelopment there, the great example of how we continue to find ways to extract real estate value in so much of our portfolio," said Wood.
Federal Realty signed 101 leases for some 469,200 square feet of retail space during the third quarter. Same-center NOI was at 3.5 percent, and the average rent spread was at 6 percent.
By Brannon Boswell
Executive Editor, Commerce + Communities Today
