Federal Realty Investment Trust expanded its South Florida portfolio with a $66.1M acquisition of the 372,000sf Tower Shops in Davie.
The 67-acre property at the intersection of University Drive and I-595 has potential for redevelopment and expansion. Tenants currently include Ross, TJ Maxx, DSW, Michaels, Old Navy. Best Buy is expected to join the tenant roster this fall.
The company also owns now owns 2 other retail centers: Del Mar Village in Boca Raton and Courtyard Shops in Wellington.
The Tower Shops will have some competition in the not too distant future from University Park Plaza, which its owner, Nova Southeastern University, is expected to redevelop into a 3M SF mixed-use project.
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