Saul Centers Acquires Shopping Centers and Development Site
March 03 2004 - 5:59PM
PR Newswire (US)
Saul Centers Acquires Shopping Centers and Development Site
BETHESDA, Md., March 3 /PRNewswire-FirstCall/ -- Saul Centers, Inc.
, an equity Real Estate Investment Trust (REIT), acquired two
grocery anchored shopping centers during February 2004. The Company
completed the acquisition of the 130,000 square foot Countryside
shopping center, its fourth neighborhood shopping center investment
in fast-growing Loudoun County, Virginia. The center is 95% leased,
anchored by a 47,000 square foot Safeway supermarket and was
acquired for a purchase price of $29.7 million. The Company's
investments in the Ashburn Village, Broadlands Village and
Countryside shopping centers and the Lansdowne land parcel are the
dominant grocery anchored retail sites in these planned
communities, each containing between 1,500 and 5,000 homes with
average 3 mile household incomes of over $98,000. The Company added
Publix to its list of grocery anchor tenants with the February
acquisition of Boca Valley Plaza in Boca Raton, Florida. Boca
Valley Plaza is a 121,000 square foot neighborhood shopping center
on U.S. Highway 1 in a very attractive demographic area of South
Florida. Three-mile average household incomes total over $83,000.
The center, constructed in 1988, is90% leased and is anchored by a
42,000 square foot Publix supermarket. The property was acquired
for $17.6 million, subject to the assumption of a $9.2 million
mortgage with an interest rate of 6.82%, maturing in 2007. Publix
is the dominant grocer in South Florida with an estimated 50%
market share of grocery store sales in the tri-county area of
Miami-Dade, Broward and Palm Beach Counties. Finally, the Company
purchased 3.4 acres of vacant land adjacent to its 109,000 square
foot Lowe's anchoredKentlands square shopping center in
Gaithersburg, Maryland, with plans to develop a 41,000 square foot
retail /office building comprised of 25,000 square feet of in-line
retail space and 16,000 square feet of professional office suites.
Construction is expected to commence in the spring of 2004. Total
development costs, including the land acquisition, are projected to
total $7.1 million. Substantial completion is scheduled for the
fall of 2004. The property was purchased from a subsidiary of Chevy
Chase Bank, a related party entity. The purchase price was
determined by independent third party appraisals. Saul Centers
currently operates and manages a real estate portfolio of 38
community and neighborhood shopping centers and office properties
totaling approximately 6.8 million square feet of leasable area.
Over 80% of the Company's cash flow is generated from properties in
the metropolitan Washington, D.C./Baltimore area. DATASOURCE: Saul
Centers, Inc. CONTACT: Scott V. Schneider of Saul Centers, Inc.,
+1-301-986-6220 Web site: http://www.saulcenters.com/
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