FRT acquires Georgetowne Shopping Center

Federal Realty Investment Trust (FRT) has acquired 2181 Ralph Avenue in Bergen Beach from local investor Howard Mintz for $83.7 million. The shopping center spans 147,000 SF, and presents future development opportunities. 

• Dig Deeper: The Georgetowne Shopping Center is 90 percent leased, and is anchored by Fairway Market and Five Below. Other tenants include Starbucks and Chipotle. There are 88,845 people who live within a 1-mile radius, with an average household income of $102,641, FRIT noted in its press release.

• Heard on the Street: Federal Realty’s Dan Guglielmone: “The property features an advantageous amount of accessible surface parking in comparison to other shopping alternatives in the market which mainly rely on street and structured parking.”