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Federal Realty acquires Kmart lease at Somerville, Mass., property

Federal Realty Investment Trust bought the lease of Kmart Corp. at Assembly Square Marketplace in Somerville, Mass., for $14.5 million.

The retail store operator was one of the remaining anchor tenants in the property, which Federal Realty redeveloped in 2006.

The shopping center real estate investment trust said the ability to control the approximately 100,000-square-foot building and six-acre parcel should give it additional opportunity to leverage its investment in the area.