Shoppers’ World has been bought by the owners of Barracks Road Shopping Center, Federal Realty Investment Trust. Federal Realty, a company based in Rockville, Maryland, reportedly paid $27.2 million for the property with 166,000 square feet of commercial space, currently assessed at $14.3 million.
 Shoppers’ World may get a facelift down the road, but nothing’s imminent, says Barry Carty, director of acquisitions for new owner Federal Realty Investment Trust. |
Barry Carty, director of acquisitions for Federal Realty, speaks of the “synergies” that come from owning both shopping centers. “We understand the dynamics of that market,” Carty says, citing the area’s well-educated consumer base.
Carty won’t go into details about the future of Shoppers’ World, though he says nothing’s imminent. He isn’t concerned about competition coming from new shopping centers. “We think that Albemarle Place is a different type of product,” says Carty of the approved mega-development at Hydraulic and Route 29N, “and candidly, that’s still got a number of years before that gets built.” As for the also-proposed North Pointe: “That’s an inferior location in relation to Shoppers’ World.”
As for the threat of Whole Foods moving to Albemarle Place or elsewhere, Carty thinks Shoppers’ World could land another anchor at higher rates. “We think the rents currently are well below market value.”
Federal Realty owns or controls over 100 commercial properties across the country, including at least 18 in Virginia. Barracks Road, acquired in 1985, with 488,000 square feet of retail space appraised at $77 million, is one of their largest properties.
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