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Federal Realty Investment Trust acquired a retail building situated in Hoboken‘s main business district, along Washington Street.

The corner-lot property at 301 Washington St. – formerly home to and owned by Capital Bank – sold for $9 million, Pierson Commercial announced Dec. 19.

The Marlboro-based commercial real estate brokerage and advisory firm’s Hudson County market expert Robert Mackowski represented Federal Realty Investment Trust in the transaction with Capital One. The property comprises eight contiguous lots and 0.33 acres.

In its announcement, Pierson characterized it as the “most in-demand corner” in the business district.

“Due to our relationships with the buyer as well as the seller, we were able to bring all the parties together and facilitate the sale of this highly sought-after retail property,” Mackowski said in a prepared statement.

Other tenants along the block include Lululemon, Athleta, Sephora, Starbucks and Panera Bread.

For the buyer, the acquisition offers “inherent repositioning potential,” Pierson said, which helped to secure the sale.

“Many investors have had their eye on this particular redevelopment opportunity due to the uniqueness of having over 145 feet of contiguous frontage along Washington Street – a rare-to-market opportunity that currently cannot be found anywhere else on the street,” said Mackowski. “Adding in the prominent corner location, high-foot traffic and identity at the heart of Hoboken‘s thriving business district, made this opportunity especially appealing. It was the right time, the right buyer and the right property, which was a win-win for one and all.”

According to Marlboro-based Pierson, Gold Coast broker Mackowski has arranged more than 55 transactions and 140,000 square feet in leases and sales just across Hoboken and Jersey City.

Federal Realty Investment Trust did not immediately respond to a request for comment about its plans for the property.