Federal Realty REIT pays $345M for stake in 1.35M sf LA retail portfolio

Company partnered with Primestor to pump $20M into redevelopment of Olivo at Mission Hills

TRD LOS ANGELES /
Aug.August 09, 2017 12:00 PM
A collage of the seven Los Angeles shopping centers Federal Realty Investment Trust paid for (credit: Federal Realty Investment Trust)

Retail REIT Federal Realty Investment Trust acquired a 90 percent stake in Primestor Development’s seven-property, 1.35 million-square-foot shopping center portfolio for $345 million.

The new joint venture now controls five shopping centers: the 222,000-square-foot Azalea in South Gate, the 327,000-square-foot Bell Gardens center, the 48,000-square-foot Plaza Del Sol in South El Monte, the 204,000-square-foot Plaza Pacoima and the 148,000-square-foot Sylmar Town Center, according to Bisnow.

It also has full ownership of the under-redevelopment Olivo at Mission Hills project, at 10310 Sepulveda Boulevard. The price includes $20 million to finish redeveloping the 155,000-square-foot center.

The two companies also hold a 25 percent minority stake in the 245,000-square-foot La Alameda center in Walnut Park.

Pimestor will continue to handle leasing and management of the properties with oversight from the investment committee at the Rockville, Maryland-based REIT, which will now include Primestor co-founder Arturo Sneider.

Tenants in the centers include Ross Stores, Marshall’s and Food 4 Less.

Federal has been in acquisition mode. Earlier this year, it picked up a 15-acre retail plaza in Pasadena for $29.5 million. [Bisnow]Rich Bockmann


Related Articles

arrow_forward_ios
From left: Michael Shabani, James Randall, and 8840 Beverly Boulevard (Credit: Getty Images)

Investor James Randall pays $36M for WeHo furniture showroom

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

Hudson Pacific Properties CEO Victor Coleman and the Westside Pavilion (Credit: Google Maps)

Hudson Pacific wants full control of Google-leased One Westside; not sweating WeWork

From left: A San Fernando Valley retail center and a Forever 21 near downtown LA (Credit: iStock)

Greater LA retail market struggles to recover from big box closures, bankruptcies

arrow_forward_ios
Loading...