February 14, 2017
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Rockville, MD-based Federal Realty Investment Trust acquired Hastings Ranch Plaza, a 274,000-square-foot shopping center in Pasadena, CA. The REIT bought the leasehold interest in the shopping center for $29.5 million from private investor, Hastings Ranch Shopping Center LP.
Hastings Ranch Plaza is currently 100% occupied, and is anchored by Sears, Marshalls, HomeGoods and CVS. Federal Realty anticipates increasing the value over time through potential redevelopment, and/or the re-leasing of space currently leased at below market rents.
Federal Realty’s Jeff Berkes said, “Hastings Ranch has an outstanding location in a great community with a very strong nearby interstate and public transportation infrastructure.”
The property is located at 3801 E Foothill Blvd., off the 210 Freeway, and within walking distance of the Metro Gold Line’s Sierra Madre Station.
Savills Studley’s Bill Bauman and Kyle Miller, along with Highland Partners’ Mike Grannis, represented the seller. The buyer was self-represented.
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