Harris Teeter to Anchor Saul Centers' Lansdowne Development
November 07 2005 - 4:05PM
PR Newswire (US)
BETHESDA, Md., Nov. 7 /PRNewswire-FirstCall/ -- Saul Centers, Inc.
(NYSE:BFS), an equity real estate investment trust (REIT), has
signed a lease for a 55,000 square foot Harris Teeter supermarket
to anchor its Lansdowne Town Center development in Northern
Virginia. Harris Teeter is a regional supermarket chain with over
135 stores in the southeast and mid-Atlantic states, with 9 stores
located in northern Virginia. Saul Centers is obtaining final
approvals from Loudoun County for its 190,000 square foot
development, and anticipates construction to commence prior to year
end. During 2002, the Company purchased approximately 19 acres of
land in the Lansdowne community in Loudoun County, Virginia. In
early 2005, zoning approvals were received from the county which
upgraded the Company's development rights. An additional 4.5 acres
was acquired in March 2005 to bring the total development to
approximately 23.5 acres. Lansdowne is a planned community
consisting of over 5,500 residences, approximately 2,500 of which
are constructed and currently occupied. Three-mile average
household incomes surrounding the planned development are
approximately $120,000. In addition to the Lansdowne Town Center,
Saul Centers owns three other Loudoun County, Virginia neighborhood
shopping centers. Ashburn Village, Broadlands Village, and
Countryside shopping centers total approximately 490,000 square
feet and are over 98% leased. Saul Centers is a self-managed,
self-administered equity real estate investment trust headquartered
in Bethesda, Maryland. Saul Centers currently operates and manages
a real estate portfolio of 42 community and neighborhood shopping
centers and office properties totaling approximately 7.3 million
square feet of leaseable area. Over 80% of the Company's cash flow
is generated from properties in the metropolitan
Washington/Baltimore area. DATASOURCE: Saul Centers, Inc. CONTACT:
Scott Schneider of Saul Centers, Inc., +1-301-986-6220 Web site:
http://www.saulcenters.com/
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