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FEDERAL REALTY INVESTMENT TRUST ACQUIRES PAN AM SHOPPING CENTER

 BETHESDA, Md., Feb. 5 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) announced today that on Feb. 5, 1993, the Trust purchased Pan Am Shopping Center in Fairfax, Va., for $21.25 million in an all cash transaction.
 Pan Am Shopping Center is situated on a 25 acre parcel located at the southeast corner of Route 29 (Lee Highway) and Nutley Street (Route 243). The property is strategically located on a major highway less than 1/2 mile south of Interstate 66 and the Vienna Metro Station. The center, built in 1979, contains 216,000 square feet of retail space anchored by Safeway, Micro Center Computer Superstore and People's Drug Store. Other prominent national and regional retailers include Cosmetic Center, Tuesday Morning and Sassafras. The center is currently 94 percent leased.
 According to Hal Vasvari, executive vice president: "Pan Am Shopping Center is a natural addition to our portfolio, further strengthening our presence in the Northern Virginia retail market. With the addition of Pan Am center, the Trust now owns six Northern Virginia properties, all of which are located within a seven mile radius. In addition, the center has a solid tenant base and offers attractive growth potential through re-leasing and redevelopment efforts."
 Federal Realty currently owns 42 neighborhood and community shopping centers located primarily in the Mid-Atlantic region between New York metropolitan area and Richmond, Va. The Trust currently owns and operates 13 shopping centers totaling 2.6 million square feet of leasable space in the metropolitan Washington and Baltimore areas. The Trust specializes in the acquisition of older, well- located centers which can be enhanced through renovation, expansion, reconfiguration, re-leasing and re-merchandising programs.
 -0- 2/5/93
 /CONTACT: M.J. Morrow, vice president-finance, Federal Realty Investment Trust, 301-652-3360/
 (FRT)


CO: Federal Realty Investment Trust ST: Maryland IN: FIN SU:

TW -- DC0012 -- 3492 02/05/93 11:33 EST
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Publication:PR Newswire
Date:Feb 5, 1993
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