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Federal Realty Investment Trust Eyes IKEA Site For Supermarket

Dec 11, 2012 | Reprints | Unlock Link | Print

Federal Realty Investment Trust, the firm in charge of a $1.5 billion redevelopment project at Assembly Row in Somerville, has signed a purchase-and-sale agreement to buy a 12-acre site on the property owned by IKEA.

IKEA announced in July that it would not build a 350,000-square-foot store at the site, where a new complex of residences, a 12-theater cinema and retail stores are scheduled to open in 2014. The developer is now considering a supermarket, homes and offices on the property IKEA is cold-shouldering, according to media reports.

Commercial & Industrial