Federal Realty Announces New Store Opening, Looks to Future
Federal Realty Announces Store Opening, Looks to Future of Eastgate Crossing
Ulta Beauty, Zoës Kitchen, a New 7,600 SF Pad Site and Property Name Change
Among Exciting Changes for Local Shopping Center
Ulta Beauty held a ribbon cutting ceremony on Friday, November 4th to celebrate the opening of a 10,000 SF store adjacent to Trader Joe’s in the Eastgate Shopping Center. Since opening its first store 25 years ago, Ulta Beauty has grown to become the largest beauty retailer in the United States and the premier beauty destination for cosmetics, fragrance, skin, hair care products and salon services. Ulta Beauty offers more than 20,000 products from over 500 well-established and emerging beauty brands across all categories and price points, including Ulta Beauty’s own private label. Ulta Beauty also offers a full-service salon featuring hair, skin and brow services. Recognized for its commitment to personalized service, fun and inviting stores, Ulta Beauty also offers the industry-leading ULTAmate Rewards loyalty program.
Zoës Kitchen will open its first location in Chapel Hill in early 2017 in a 3,000 SF space which will contribute to the great dining selections available at Eastgate. The fast-casual restaurant creates homemade Mediterranean-inspired food to provide authentic, better-for-you recipes that are hand-prepared daily with wholesome, fresh ingredients with a side of southern hospitality.
The construction to expand the former BP Service Station began in April of 2016. The new 7,600 SF building will house three new stores with individually articulated storefronts, an illuminated tower feature, outdoor cafe seating, and ornate landscaping to positively augment the center. New store announcements for the new pad site are forthcoming with a spring 2017 opening.
In 2015, Federal Realty partnered with the Town of Chapel Hill to rename the access street running through the property between US 15 501 and Franklin Street to “Eastgate Crossing”. This significant modification began the process to rename, rebrand and reposition the shopping center. The new brand reflects the exciting changes for Eastgate while it echoes the vision of Chapel Hill’s comprehensive plan for the Ephesus-Fordham corridor. The Eastgate Crossing logo features a bold type that has been rounded to provide a soft, inviting appearance. The fonts chosen and colors used reflect Eastgate Crossing's connection to the University of North Carolina and the Chapel Hill Community.
Deirdre Johnson, Vice President of Asset Management for Federal Realty Investment Trust offered the following: “The Chapel Hill Community has always been very loyal and supportive patrons of Eastgate and its merchants. It is very important to us that we give back to the community by continually evolving the merchandise mix, improving amenities and the property experience to exceed their expectations and meet their lifestyle needs. We are excited to bring Ulta and Zoës to the town and look forward to more exciting announcements in the months ahead.”
About Eastgate Crossing:
Built in 1958, Eastgate Crossing, a 153,000 square foot shopping center, was acquired by Federal Realty in 1986 and is anchored by Trader Joe’s and Stein Mart. Positioned in the center of the Ephesus-Fordham District which is located Northeast of the University of North Carolina, Eastgate sits along the main corridor connecting the Town to Chapel Hill and Duke University. Eastgate has over 25 merchants including The Pink Pearl, Starbucks, The Loop, Great Outdoor Provision Co., and Talbots. For more information, visit www.eastgatecrossing.com.
About Federal Realty:
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, our mission is to deliver long term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Our expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 90 properties include over 2,700 tenants, in approximately 21 million square feet, and over 1,700 residential units.
Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 48 consecutive years, the longest record in the REIT industry. Federal Realty shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.FederalRealty.com.