McLean shopping center purchased for $32.1M
Federal Realty REIT buys Chesterbrook Center
Federal Realty Investment Trust has purchased an 80% interest in Chesterbrook Shopping Center in McLean for $32.1 million, after managing the property for almost 20 years.
The Bethesda, Maryland-based REIT made the acquisition on April 30, which it announced last week. The nearly 90,000-square-foot shopping center at 6244 Old Dominion Drive is 83% occupied and anchored by Safeway, Walgreens and Starbucks.
KLNB, a Northern Virginia commercial real estate brokerage firm, represented the seller, Chesterbrook One LLC. The shopping center was owned by the same family since the early 1980s, according to KLNB.