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FEDERAL REALTY INVESTMENT TRUST ACQUIRES BALA CYNWYD SHOPPING CENTER

 BETHESDA, Md., Sept. 22 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) announced today that it has purchased Bala Cynwyd Shopping Center in Bala Cynwyd, Pa., for $16,500,000 in cash.
 The center is located on City Line Avenue in Lower Merion Township, approximately 5 miles northwest of downtown Philadelphia. The City Line Avenue interchange to the Schuykill Expressway, which provides direct access to Center City Philadelphia, lies just 1 mile northeast of the center.
 The center, which was constructed in 1955, contains 242,000 square feet of retail space anchored by Lord & Taylor, F.W. Woolworth and Olive Garden Restaurant. Occupancy is currently 95 percent.
 Robert Wennett, vice president of acquisitions, stated that Bala Cynwyd is a natural addition to the trust's portfolio, further strengthening the trust's presence in the Philadelphia retail market. With the addition of Bala Cynwyd center, the trust now owns 11 shopping centers totaling 2.2 million square feet of retail space in the metropolitan Philadelphia area. Wennett added that given the center's dominant location on City Line Avenue, Bala Cynwyd offers excellent growth potential through re-merchandising and redevelopment programs.
 Federal Realty currently owns 46 neighborhood and community shopping centers containing 10.1 million leasable square feet located primarily in the mid-Atlantic region between the New York metropolitan area and Richmond, Va. The trust specializes in the acquisition of older, well- located centers which can be enhanced through renovation, expansion, redevelopment and re-merchandising programs.
 -0- 9/22/93
 /CONTACT: Mary Jane Morrow, vice president, finance, and treasurer, Federal Realty Investment Trust, 301-652-3360/
 (FRT)


CO: Federal Realty Investment Trust ST: Maryland, Pennsylvania IN: FIN SU: TNM

MH-DC -- DC030 -- 4771 09/22/93 14:23 EDT
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Publication:PR Newswire
Date:Sep 22, 1993
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