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FEDERAL REALTY INVESTMENT TRUST ACQUIRES GAITHERSBURG SQUARE AND QUINCE ORCHARD PLAZA

 BETHESDA, Md., April 22 /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) announced today that it has acquired Gaithersburg Square and Quince Orchard Plaza shopping centers located in Gaithersburg, Md. These properties were acquired for a total purchase price of $23.2 million including $20.9 million in cash and the assumption of $2.3 million of liabilities.
 Gaithersburg Square, representing $12.5 million of the purchase price, is situated on a 16.5 acre parcel located at the intersection of Route 355 (North Frederick Avenue) and Perry Parkway, one quarter mile east of Interstate 270. The center, built in 1966, contains 164,000 square feet of retail space anchored by Super Fresh grocery store and Peoples Drug store.
 Quince Orchard Plaza, representing $10.7 million of the purchase price, is situated on a 16.3 acre parcel located at the intersection of Quince Orchard Road (Route 124) and Clopper Road (Route 117), one quarter mile west of Interstate 270 and just 1 mile from Gaithersburg Square. Built in 1975, the center contains 132,000 square feet of retail space anchored by F&M Drugs, Circuit City, MJ Designs, Trak Auto and Crown Books. In addition to the retail center, the property also contains a seven story, 107,000 square foot office building.
 According to Robert Wennett, vice president of acquisitions: "Gaithersburg Square and Quince Orchard Plaza are `textbook' Federal Realty properties. Given their strategic location and well-established, densely developed market, and the potential to expand and improve on their tenant mix, we believe Gaithersburg Square and Quince Orchard Plaza are attractive investments today but more importantly, provide many opportunities to enhance their value and performance in the years to come."
 With the acquisition of these two properties, Federal Realty now owns 44 neighborhood and community shopping centers with a total of 9.6 million square feet of retail space located principally along the East Cost in the 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, re-configuration, re-leasing and re-merchandising programs. The trust has made 122 consecutive quarterly dividends and has increased its dividend rate for each of the last 25 years. The current indicated annual dividend rate is $1.54.
 -0- 4/22/93
 /CONTACT: Robert S. Wennett, vice president-acquisitions, Federal Realty Investment Trust, 301-652-3360/
 (FRT)


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

MH-DC -- DC017 -- 9498 04/22/93 13:11 EDT
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Publication:PR Newswire
Date:Apr 22, 1993
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