$5M Investment in Shopping Center Will Enrich Dining and Retail Experience for Baltimore’s Joppa Road Community
Federal Realty Investment Trust (NYSE:FRT) plans to invest approximately $5M to upgrade and improve Perring Plaza in Baltimore, Maryland. The enhancements at the 396,000-square-foot E. Joppa Road shopping center include a new façade, additional landscaping and new signage.
“This renovation will give a facelift to one of our most important and active shopping centers along the Joppa Road corridor,” said Baltimore County Councilman David Marks. “I am delighted by the improvements at this commercial center and would like to thank Federal for its efforts in making Perring Plaza even more exceptional.”
The grocery-anchored power center, acquired by Federal in 1985, offers easy access and great visibility along the Baltimore Beltway as well as numerous retailers and amenities. Its large national and regional retailers include Mama Lucia’s, Crazy Crab Shack, Shoppers Food, Micro Center, Home Depot, and Burlington Coat Factory, among others.
“The Joppa Road corridor is flourishing, and we want to provide our patrons with a superior experience that reflects the quality of our merchants,” said Mickey Papillon, Vice President of Federal. “By investing in the property and modernizing, we will further reinforce Perring Plaza as a destination where the greater-Baltimore community is welcomed to shop, gather and dine.”
The upgrades and enhancements began in March and will be complete in November 2021.
About Perring Plaza:
Located at 1951 E. Joppa Road, Perring Plaza is a grocery-anchored power center with easy access and great visibility along the Baltimore Beltway in Baltimore County, Maryland. Featuring 396,000 square feet of large national/regional retailers, the center provides 4.4 parking spaces per 1000 square feet and includes Shoppers Food, Micro Center, Home Depot, Modell’s, Jo-Ann and Burlington Coat Factory among others.
About Federal Realty Investment Trust:
Federal is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, Federal’s mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. Its expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal’s 101 properties include approximately 2,800 tenants, in 23 million square feet, and approximately 2,900 residential units. Federal has increased its quarterly dividends to its shareholders for 53 consecutive years, the longest record in the REIT industry. Federal is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal and its properties, visit www.federalrealty.com.
