Federal Realty Acquires Courtyard Shops in FL for $37.9M

AEW Capital Management has sold Courtyard Shops, a 127,000 square foot Publix-anchored shopping center in Wellington, Florida, to Federal Realty Investment Trust for $37.9 million according to a crefeed.com article.  The deal was brokered by the Miami office of Holliday Fenoglio Fowler.

Constructed in 1990 and expanded in 1998, Courtyard Shops is in an affluent community in central Palm Beach County which boasts average household incomes in excess of $115,000 within a 3-mile radius of the property.  Wellington, world-famous for its equestrian events and polo clubs, also has significant barriers to new property competition due to portions of the city being protected as an equestrian preserve, making Courtyard Shops an attractive, established property.  "The acquisition of Courtyard Shops demonstrates our selective focus with respect to our expansion into South Florida," said Jeff Berkes, executive vice president and chief investment officer for Federal Realty. "Courtyard Shops is an institutional-quality neighborhood shopping center in a highly-educated and affluent trade area that complements the Trust's existing core portfolio."

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