ROCKVILLE, Md. (April 21, 2014) – Federal Realty Investment Trust (NYSE:FRT) – The Pike Central Farm Market, featuring locally-grown produce, dairy products, meats, fruits and vegetables, begins its third season serving the North Bethesda and Montgomery County communities near Pike & Rose next Saturday, April 26. The farmer’s market, which hosts more than 40 different vendors selling products grown in Maryland, Pennsylvania, Virginia and West Virginia, will operate from a new location at the intersection of Old Georgetown Road and Executive Boulevard, and several blocks from Pike & Rose. The hours of operation are 9 am to 2 pm and the market will be open each Saturday through the weekend before Thanksgiving. To review the entire vendor listing, visit http://www.centralfarmmarkets.com/vendors/pike-central/
Federal Realty Investment Trust supports the Pike Central Farm Market and intends to make the outdoor marketplace a permanent fixture at Pike & Rose, a Transit-Oriented Development (TOD) now under construction in North Bethesda. When fully built out, it will include 3.4 million square feet of mixed-use development including 1.1 million square feet of commercial office space; 430,000 square feet of complementary retail space; 1500 residential units; a boutique hotel and approximately 4000 parking spaces. The project is positioned within walking distance to the White Flint Metro Station and minutes away from I-270 and 495 (Capital Beltway).
“Taste and overall freshness,” are the reasons Pike Central Farm Market founder and organizer Mitch Berliner cites to explain the increased popularity of farmer’s markets. “When it comes to produce, the fruit and vegetables purchased at farmer’s markets are typically picked from the vine approximately 15 to 20 hours before a consumer buys it. Produce stocked in traditional grocery stores cannot be picked ripe because of the long distance it needs to travel to arrive on the shelves. In contrast, fruits and vegetables picked ripe have the opportunity to develop its full flavor. Consumers are benefitted by eating product with all its natural sweetness and nutrition.”
The farmer/consumer interaction and relationship is another reason consumers prefer this rapidly-growing concept. “Food and eating is extremely personal,” Berliner added. “At each of our market sessions, people have the opportunity to ask farmers how the products were grown, what pesticides were used or not used and receive information about the history and processes of the farms. This information increases the comfort level of our shoppers.”
Berliner explained that all meats sold at the Pike Central Farm Market are produced naturally, with no antibiotics or hormones utilized.
“We made the decision to initiate these farmer’s markets several years before the opening of the first phase of Pike & Rose to integrate them into the neighborhood,” explained Evan Goldman, Vice President-Development for Federal Realty Investment Trust. “In addition, because the Pike Central Farms Market is intended to be a permanent part of the Pike & Rose programming, we considered it important to start shaping consumer shopping habits now, and demonstrate our commitment to locally-operated retailers and entrepreneurs. The site was moved, for this year only, due to on-going construction at the development.”
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.
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 95.8% leased to national, regional, and local retailers as of December 31, 2013, with no single tenant accounting for more than approximately 3.5% 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.