Montgomery County’s The Halle Companies and Federal Realty Trade Kingstowne Property in Northern Virginia
Silver Spring-based The Halle Companies has sold a portion of its Kingstowne Towne Center property to North Bethesda-based Federal Realty Investment Trust (NYSE: FRT).
The two Montgomery County, Maryland-based developers traded the Kingstowne property in Fairfax County, Virginia in two deals that will include 410,000 square feet of retail on 45 acres.
The first deal has already closed and is valued at $100 million; the second phase is expected to close in July for a total of $200 million combined.
The Halle Companies will still retain a stake in the office buildings that are part of the development. Kingstowne is near the new TSA headquarters and includes grocery anchors such as Safeway and Giant as well as clothing retailers T.J. Maxx, Ross, and HomeGoods. Locally based fast-casual restaurants &pizza and Cava are also tenants at the shopping center.
In total, Kingstowne Towne Center encompasses 5,200 residential units, 4 office buildings and multi-family planned on 1,300 acres.
Federal Realty is the developer behind Pike and Rose in North Bethesda. The company recently relocated its headquarters to the tier-one project and currently has a 286,000-square-foot office and retail building under construction that will become the new headquarters for Choice Hotels International (NYSE: CHH).
Additionally at Pike and Rose, another 300,000-square-foot plus office building is in the works with that building aimed at biotech companies.