February 14, 2017 Comments Off on Pasadena Retail Sells for $30M Views: 702 California News, Los Angeles

Pasadena Retail Sells for $30M

Did you know Connect Retail West is coming up next month? Get more details about the information-packed conference and register here.

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.

Read more at Federal Realty

Connect With Savills Studley’s Bauman

Connect With Highland Partners’ Grannis

Subscribe to Connect Daily California

For comments, questions or concerns, please contact Dennis Kaiser

Tags: ,

Comments are closed.