Federal Realty Investment Trust made two official announcements today of new leases at Pike & Rose. The first was confirmation of a 32,000 square foot Sport & Health Club, which we had noted last month. FRIT also announced another “active lifestyle” offering at Pike & Rose – a 10,000 square foot City Sports, the specialty sporting goods retailer. Both will open in Phase One in the fall of next year. See the full press release below.
PIKE & ROSE SIGNS SPORT & HEALTH AND CITY SPORTS LEASES
Federal Realty Delivering On Its Promise of An Active Lifestyle Community
ROCKVILLE, MD (October 8, 2013) – Federal Realty Investment Trust (NYSE:FRT) today announced a 32,000 square foot, two-story lease with Sport&Health Clubs as well as a 10,000 square foot lease with City Sports specialty sporting goods retailer. These leases build on Federal Realty’s vision of creating a vibrant retail experience within an active lifestyle community at Pike & Rose.
“Our goal from the start with Pike & Rose was to transform this area of Rockville Pike from a hard-scaped, commercial–centric corridor, into a walkable community that offers great entertainment, shopping and dining, along with active parks and lush landscaping where people can truly live, work and play,” said Wendy Seher, Vice President of Leasing for Federal Realty Investment Trust.”
“We knew that Pike & Rose would be a great fit for Sport & Health when we learned about their plans to build an active, health-focused community,” said Mark Fisher, CEO and President of Sport & Health. “Our goal is to improve every aspect of our members’ health and well-being, while integrating fun and fitness into their busy lifestyles. Our newest Sport&Health Club will be beautifully designed unlike any other facility in the area. We think Pike & Rose residents and guests will appreciate our signature amenities and design that create a top of the market fitness experience, a perfect extension of our existing clubs serving the I-270 corridor in Maryland.”
“We are thrilled to be part of a community that stresses an active lifestyle because it aligns perfectly with our customer base and our mission to serve the urban athlete, said Edward Albertian, CEO of City Sports. “We look forward to developing synergies with companies like Sport & Health and Protein Bar, to offer Pike & Rose residents and guests the best possible combination of healthy and active opportunities.”
City Sports, Sport & Health and Protein Bar are all examples of wellness-minded Pike & Rose retailers that emphasize the development’s commitment to providing a variety of active lifestyle options. In addition, the Pike & Rose’s ongoing marketing program will promote healthy living with on-site activations throughout the year.
The City Sports and Sport & Health lease is included in phase one of Pike & Rose, which is 75% leased and features an iPic theater, 150,000 square feet of retail with eight upscale and fast-casual restaurants, a Strathmore concert venue, two residential buildings, and an 80,000 square foot office building, all currently under construction and scheduled to deliver in Fall 2014.
Sport & Health – Facts At A Glance
· 32,000 square foot, two-story lease
· Elevated outdoor social and training space
· Mind/Body studio with a spa-like feel, featuring inversion yoga and other unique programming
· Group cycle studio featuring virtual MyRide “Forward Motion Video” technology
· Cardio fitness equipment with personal viewing screens
· Signature Kidz Klub with “Exergames,” combining interactive video games with dynamic movement
· Membership outreach begins in April 2014, and the Club will open next fall
· Sport&Health Clubs is the largest fitness provider in the DC market, with 23 locations currently in Virginia, Maryland and Washington, D.C. This will be their 24th club in the region.
City Sports- Facts At A Glance
· 10,000 square foot lease
· A destination for urban athletes and active lifestyle enthusiasts who participate in running, triathlons, training, cycling, swimming, yoga and tennis
· A comprehensive assortment of 350-400 performance footwear styles
· Trained staff who analyze gait, walking style and training needs to find the perfect shoe for each customer
· Equipment and apparel from leading athletic and niche brands, as well as its proprietary “CS by City Sports” line
· Store-sponsored run clubs, training classes and footwear clinics
About Pike & Rose
Located at the key intersection of Rockville Pike and Montrose Parkway in the heart of the White Flint District in Montgomery County, Md., Pike & Rose will be a pedestrian-oriented, urban-minded, mixed-use neighborhood across 24 acres. A key component in the area’s revitalization efforts, Pike & Rose will encompass 450,000 square feet of retail, 1.1 million square feet of office space, 1,500 residential units and a 300-room boutique hotel at full build out, all a few blocks from the White Flint Metro Station.
Pike & Rose will incorporate the best of what Federal Realty has created at its other mixed-use properties across the country. Like Santana Row in San Jose, Calif., and Bethesda Row in Bethesda, Md., Pike & Rose will feature ground floor retail with apartments, offices and hotel space above – all located amidst a carefully orchestrated environment of open plaza parks, creative common areas, events, street festivals, a farmers market, music and more. Shoppers, guests and patrons alike will walk, shop, eat, live and work in an experience designed for them. From one of the first rooftop garden plots for rent in the county to a new path of streets lined with a mix of the area’s most vibrant shops, eateries and entertainment, Pike & Rose will be the area’s must-experience destination. Phase One of the project includes two residential buildings, an 80,000 square foot Class A office building and 150,000 square feet of retail and will deliver in 2014.
About Federal Realty Investment Trust
Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of high quality retail assets. Federal Realty’s portfolio (excluding joint venture properties) contains approximately 20 million square feet located primarily in strategically selected metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 1.0 million square feet of retail space through a joint venture in which the Trust has a 30% interest. Our operating portfolio (excluding joint venture properties) was 95.3% leased to national, regional, and local retailers as of June 30, 2013, with no single tenant accounting for more than approximately 3.4% of annualized base rent. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 46 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P MidCap 400 company and its shares are traded on the NYSE under the symbol FRT.
Since 1973, Sport&Health Clubs has grown to be Washington’s largest family of full-service health clubs and day spas with 23 locations in Virginia, Maryland and D.C. Locally owned and operated, Sport&Health Clubs are built around integrating fun and fitness into the busy lifestyles that define our nation’s capital and its ever-expanding communities. The Company serves the health and fitness needs of more than 140,000 Washingtonians, with over 2,300 employees, and is one of the top health club companies in the U.S. (based on annual revenues). The clubs feature state-of-the-art fitness equipment, individual and group personal training, group exercise classes for all levels including Pilates, yoga, step, high and low impact, Mixed Martial Arts and more. Many clubs feature tennis, racquetball, squash, basketball, swimming and a Kidz Klub, which features a nursery, climbing mazes, dance classes, camps and a variety of junior programs for all ages. Several clubs feature Serenity Day Spa that provides therapeutic massage, body treatments, nail and skin care and hair styling and design. For more information, visit www.sportandhealth.com.
About City Sports
Celebrating 30 years of award-winning excellence as a specialty sporting goods retailer, City Sports is the premiere destination for urban athletes and active lifestyle enthusiasts. Founded in Boston in 1983, the company operates 23 metropolitan stores across the East Coast, with locations in Maryland, Massachusetts, New York, Pennsylvania, Rhode Island,Vermont and Washington, D.C. City Sports offers a comprehensive assortment of performance footwear, equipment and apparel from leading athletic and niche brands, as well as its proprietary “CS by City Sports” line, all focused on outfitting the athlete who participates in running, triathlons, training, cycling, swimming, yoga and tennis. www.citysports.com