Federal Realty Acquires Controlling Interest in Montrose Crossing for $127M

Federal Realty Investment Trust FRT today announced the acquisition of an 89.9% controlling interest in Montrose Crossing, a 357,000 square foot, grocery-anchored shopping center in Rockville, Maryland for $127 million. The property is located at the northeast corner of Rockville Pike and Montrose Parkway/Randolph Road, the same intersection that borders Federal Realty's Mid-Pike Plaza, soon to be developed as Pike & Rose. With the acquisition, Federal Realty controls 1.2 million square feet of existing retail space on Rockville Pike within a mile of Montrose Crossing - at Congressional Plaza, Federal Plaza and Mid-Pike Plaza - with expectations of expanding that presence with the development of Pike & Rose, which is scheduled to break ground in mid-2012. The intersection of Rockville Pike and Montrose Parkway/Randolph Road has average daily traffic counts of approximately 100,000 cars in highly affluent Montgomery County, Maryland.