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Federal Realty adds to Northern Virginia retail portfolio

Daniel J. Sernovitz
Federal Realty adds to Northern Virginia retail portfolio

Federal Realty Investment Trust (NYSE: FRT) has paid $22.5 million for a Fairfax retail center as it follows through on plans to beef up its presence in Northern Virginia. The Rockville-based real estate investment trust recently acquired Fairfax Junction, a nearly 81,000-square-foot retail center at 11001 Lee Highway, from an affiliate of First Allied Corp. The center, assessed at nearly $16.4 million, sits at the heavily traveled intersection of Routes 29 and 50 and is anchored by an Aldi Food Market, Advance Auto Parts and Planet Fitness.