Federal Realty Investment Trust has announced a significant acquisition as part of its capital allocation strategy, acquiring Town Center Plaza and Town Center Crossing in Leawood, Kansas, for $289 million. These open-air retail centers, totaling 550,000 square feet, are key additions to Federal's portfolio, aligning with its strategy to target market-dominant assets in areas with strong job growth and robust demographics. Additionally, Federal Realty has sold its Hollywood Boulevard retail portfolio in Los Angeles for $69 million, as part of its ongoing capital recycling efforts. Construction for a 258-unit residential project at Santana Row in San Jose is set to commence this summer, further enhancing Federal's development portfolio. These moves are part of Federal's broader strategy to enhance portfolio quality and drive long-term value creation.
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