A real estate investment trust has purchased a Fairway Market-anchored shopping center in southeast Brooklyn for $85 million.
Federal Realty Investment Trust bought a trio of lots on Ralph Avenue in Bergen Beach that comprise the 147,000-square-foot Georgetowne Shopping Center, according to property records and the company. In addition to Fairway, the complex includes the discount store Five Below, Starbucks, Chipotle and others.
The seller was an LLC tied to Sholom and Zuckerbrot Realty.
The shopping center is 90 percent leased, and Federal Realty hopes to increase its value by continuing to lease space and potentially adding square feet.
Federal Realty CFO Dan Guglielmore said the purchase expands its “New York metro shopping center portfolio.” The firm is based in Maryland and also owns properties in cities including Los Angeles, San Francisco and Boston. In L.A., it sold the Bijou Building at 1221 Hermosa Avenue earlier this year for $18 million.