San Jose, CA (August 20, 2014) – Federal Realty Investment Trust, the owners of East Bay Bridge, a 438,000 sq.-foot, grocery-anchored power center, announced today that two new tenants have signed leases. Federal Realty purchased East Bay Bridge in late 2012.
The Seattle-based Nordstrom, Inc. plans to further expand in the Bay Area with the addition of a Nordstrom Rack at East Bay Bridge. The approximately 38,000-square-foot store is scheduled to open in fall 2015.
“We’ve been focused on growing our store presence throughout northern California and are fortunate to have many loyal customers who have been shopping with us throughout the Bay Area,” said Geevy Thomas, president of Nordstrom Rack. “We believe this Rack will be an ideal location for us to take care of more new and existing customers living in the East Bay when we open next year.”
In addition to landing Nordstrom Rack, East Bay Bridge has just scored one of the nation’s largest beauty suppliers, ULTA Beauty. ULTA Beauty plans to open a 10,000 sq.-foot store, opening date still undetermined. In addition to offering 20,000 beauty products, 4,000 testers, 350 fragrances and more than 1,000 scents, the new shop also features a full-service salon.
The new stores will join a dynamic mix of retail and lifestyle tenants such as Target, Michaels, Home Depot, Sports Authority and Pak ’n Save Foods, among others.
“East Bay Bridge is located in the densely populated East Bay market with top performing national tenants. Nordstrom Rack and ULTA Beauty enhance the shopping center by delivering two powerful retail brands to the current mix,” said Jeff Kreshek, vice president of Federal Realty West Coast Leasing.
About East Bay Bridge
East Bay Bridge is a grocery-anchored power center located in a major retail node in the densely populated cities of Emeryville and Oakland, in the East Bay area of Northern California. East Bay Bridge sits at the intersections of (3) major interstates: I-80, I-880 and I-580. Anchored by Home Depot, Target, Pak N’ Save, Michaels and more. East Bay Bridge is a property of Federal Realty Investment Trust www.federalrealty.com (NYSE:FRT), headquartered in Rockville, Maryland.
About Federal Realty
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, 2014, with no single tenant accounting for more than approximately 3.2% 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 47 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.