Federal Realty Pays $153M for Retail Center
This is the first time the Omaha asset has changed hands since its completion two decades ago.
Image courtesy of Federal Realty Investment Trust
Federal Realty Investment Trust has purchased Village Pointe, a 453,000-square-foot lifestyle center in Omaha, Neb., for $153.3 million, or $255.5 per square foot. RED Development sold the asset after owning it for 21 years, according to Yardi Matrix information.
This is the first time the property changed hands since its completion in 2004, the same data provider shows.
Village Pointe came online at 17305 Davenport St., featuring 12 single-story buildings across a 40-acre site. Shadow-anchored by a 177,000-square-foot Scheels store, the lifestyle center’s tenant roster includes Apple, Best Buy, Lululemon, Sephora, Coach, Bentley, Old Navy, Gap, Claire’s and Nordstrom Rack.
The property serves an area with almost half a million inhabitants and draws approximately 6 million visitors annually, according to Federal Realty. The households on a 3-mile radius of Village Pointe boost annual average incomes that exceed $180,000.
Village Pointe sits just off U.S. Route 6, which connects the property to downtown Omaha, 13 miles east. The property is surrounded by several other retail spaces and eateries.
In the first 11 months of this year, the retail market in Omaha registered no less than $235.5 million in investment sales, with 10 assets changing hands at an average price of $146.5 per square foot, according to Yardi Matrix data. This figure was almost four times the $61.4 million recorded during the same period in 2024, when the average price per square foot clocked in at $114.
Federal Realty’s shopping spree
Apart from Village Pointe, Federal Realty’s retail portfolio in the Midwest also includes two shopping centers in Leawood, Kan., acquired in July of this year for a total of $289 million. The two assets, Town Center Plaza and Town Center Crossing, are both open-air retail centers, amounting to 550,000 square feet.
More recently, Federal Realty paid $187 million for the 480,000-square-foot, Whole Foods-anchored Annapolis Town Center in Anne Arundel County, Md. Broader retail trends continue to shape the overall investment volume and property operations across open-air shopping centers in the U.S., due to a constant demand of necessity-based, grocery-anchored assets.
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