Federal Realty Investment Trust (NYSE:FRT) expanded its South Florida retail portfolio thropugh the acqquisition of Tower Shops, a 372,000-square-foot community retail center on 67 acres in Davie, FL for $66.1 million. Turnberry Assocviates previously owned the center.
According to the buyer, the property has significant opportunity for redevelopment and expansion with an anchor tenant line-up that includes Ross, TJ Maxx, DSW, Michaels, Old Navy and a Best Buy scheduled to open in the fall of 2011. Costco and Home Depot are nearby “shadow anchors.”
Tower Shops is located at 1904 S University Drive near the intersection of University Drive and I-595, two major roads in central Broward County. The purchase expands the Maryland-based REIT’s portfolio in South Florida to more than 680,000 square feet, including Del Mar Village in Boca Raton and Courtyard Shops in Wellington.