REIT invests $345m in CA shopping center JV
Federal Realty Investment Trust has formed a joint venture with Los Angeles–based retail property developer Primestor Development.
Federal Realty Investment Trust will invest in seven retail properties, located in California. The trust’s investment in the venture is approximately $345 million, which includes a $20 million commitment to complete the redevelopment of one of the centers.
Federal Realty Investment Trust will hold an approximate 90 percent interest in the venture, which will be seeded with a 50 percent interest in five dominant community shopping centers and one center under redevelopment, plus a 25 percent minority interest in a seventh shopping center. The seven properties total more than 1.3 million square feet on 114 acres of urban land with tenants such as Ross Dress for Less, Marshalls, and Kroger’s Food 4 Less.