Mid Atlantic Real Estate Journal — Shopping Centers — January 31 - February 13, 2014 — 13C
www.marejournal.com
M id A tlantic ICSC C onference & D eal M aking For retail component of Pike & Rose Federal Realty Investment Trust reveals reno and expansion strategy for 11,000 s/f
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constructed. “Given the retail center’s presence near the entrance of Pike & Rose, we believed it was important to invest in this improvement and en- hancement package so the project better meshes with and complements the pedes- trian-oriented environment we are creating within the TOD,” said Robin McBride , vice president-Mid-Atlantic Region, chief operating officer for Federal Realty Investment Trust. “The finished product will match the high-standards we are incorporating into ev- ery detail of Pike & Rose.” n
OCKV I LLE , MD — Federal Realty Investment Trust
(NYSE:FRT) has revealed its comprehensive renova- tion and expansion strategy to upgrade and enhance an 11,000 s/f free-standing re- tail center positioned at the intersection of Rockville Pike and Old Georgetown Rd. The center was developed in the 1950s as part of the Mid-Pike Plaza shopping center, and is contained within the south- eastern edge of Pike & Rose, a mixed-use Transit-Oriented Development currently rising in the White Flint District of Montgomery County, Mary- land. Construction activities are expected to commence next month, and completion is targeted for mid-year 2014. Federal Realty Investment Trust intends to replace and significantly upgrade the exterior façade of the 11,000 s/f retail center; complete site improvements which include the installation of new side- walks and re-pavement of the parking lot; create a new pedestrian plaza featuring an outdoor seating area, tables with umbrellas and a public gathering place and dramati- cally enhance the landscaping package. In addition, 1,000 s/f of expansion space will be avoiding short-term lease risk, many savvy investors have been searching for short-term deals so that they can enhance value by extending lease term for a minor rent concession. We have worked closely with our clients to identify these “blend & extend” opportunities, and expect to see this grow as trend in 2014. As Calkain closes out its 2013 pipeline, we are expect- ing another blockbuster year in 2014. Interest rate and cap rate volatility will keep market participants on their toes, but the supply and demand balance should continue throughout the year. The challenge will be finding value opportunities, and investor success will based on understanding trends and executing on strategies to cre- ate value in the sector. Andrew Fallon is managing directorofCalkainCompanies andcanbereachedatafallon@ calkain.com . n Andrew Fallon, Calkain ... Continued from page 6C
Pike & Rose Retail Center
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