Federal Realty acquires seven properties in Southern California
Federal Realty Investment Trust is pleased to announce the closing of a new joint venture with Primestor Development, the Los Angeles based owner and developer of premier retail properties serving the urban Latino communities of Southern California. The Trust holds approximate 90% interest in the venture. The venture is seeded with a 100% interest in five dominant community shopping centers, plus one center under redevelopment and a 25% minority interest in a seventh shopping center. These seven properties total over 1.3M square feet on 114 acres of urban land. The Trust's investment in the venture is approximately $345M which includes a $20M commitment to complete the redevelopment of one of the centers.