Southern California — Federal Realty Investment Trust has formed a joint venture with Primestor Development Inc. to acquire seven retail properties in Southern California.
The shopping centers total over 1.3 million square feet. Federal Realty’s investment in the venture is approximately $345 million, which includes a $20 million commitment to complete the redevelopment of one of the centers.
Primestor will continue to lease and manage the properties with oversight from Federal Realty’s investment committee. The assets are located in trade areas where demand exceeds supply, according to Federal Realty.
The properties include Azalea in Southgate; Bell Gardens in Bell Gardens; La Alameda in Walnut Park; Olivo at Mission Hills in Mission Hills; Plaza del Sol in South El Monte; Plaza Pacoima in Pacoima; and Sylmar Town Center in Sylmar.
Marshalls, Ross and CVS occupy space at several of the properties. Olivo at Mission Hills is currently under redevelopment and is 87 percent preleased. The joint venture has a 25 percent interest in La Alameda.
Federal Realty owns, operates and redevelops retail properties primarily in coastal markets. The company’s portfolio includes 96 properties and approximately 22 million square feet.
Los Angeles-based Primestor is a developer and owner-operator of retail properties, currently managing approximately 2.4 million square feet.
— Kristin Hiller