Federal Realty’s VP of Asset Management Chris Fleming thinks the pandemic has given the owner-operator of more than 100 properties an opportunity to upgrade many of them.
“The weaker tenants in many of our centres were the ones we lost,” he said, “and now we have a chance to replace them with tenants communities had more of a need for.”
That’s playing out now at Federal’s Linden Square, a tiny outdoor centre in the Boston suburb of Wellesley whose variegated blend of tenants includes Bluemercury, Beacon Hill Athletic Club, Bella Sante Spa, and the Bach To Rock music school.
Newly signed to join the roster are Tatte Bakery, Karma, Atelier salon, and Oath Pizza as Linden Square undergoes a $7M upgrade that will include landscaping, outdoor furnishings, and façade and signage upgrades.
“What we lost gave us an opportunity to upgrade with an Asian fusion restaurant and Tatte Bakery, a very popular regional player that is being selective about its growth,” Fleming said. “We’re opening another location at our Assembly Row development outside of Boston.”
