Federal Realty Invests $345M in 7 Primestor Shopping Centers
Federal Realty Investment Trust bought interests in seven shopping centers from Los Angeles-based Primestor Development Inc. Situated on 114 urban acres, the retail assets total 1.3 million square feet. The REIT’s investment is $345 million, which includes $20 million to complete the redevelopment of one center.
Rockville, Md.-based Federal Realty now owns 100% interest six properties—Azalea, Bell Gardens, Plaza del Sol, Plaza Pacoima, Sylmar Town Center—as well as one under redevelopment—Olivo at Mission Hills. The REIT also owns a 25% interest in La Alameda.
“With only 6.6 square feet of shopping center product per capita in the three miles surrounding these properties, there is far less supply than the national average and there are few, if any, comparable competing properties in these incredibly dense trade areas surrounding these centers,” said Jeff Berkes, president of Federal Realty West Coast.
Primestor will continue to lease and manage the properties under the supervision of Federal Realty’s investment committee.