LOS ANGELES, Nov. 7, 2013 /PRNewswire/ -- Federal Realty, an equity real estate investment trust specializing in the ownership, management, development and redevelopment of high quality retail assets, announced that construction is underway on The Point, a new $80 million shopping, dining and lifestyle destination.
Located next door to Federal Realty's thriving shopping center Plaza El Segundo, The Point sits at the crossroads of Rosecrans Avenue and Sepulveda Boulevard, two easily accessible routes in the South Bay. Situated on the border of Manhattan Beach and El Segundo, the Point will transform a dirt lot into an oasis like setting. A new shopping and dining meeting place, The Point will be a destination for the community to gather. Restaurants will offer el fresco café dining and ample parking will be available.
Designed by Architects Orange and landscape architectural firm Lifescapes, The Point is envisioned as a comfortable and intimate gathering place for the community. Amenities will include a family-friendly children's play area, an outdoor large grass area, casual seating and fire pits; ideal for catching up with friends or relaxing with family.
"We are excited that construction has begun on this dynamic new retail and social destination in the South Bay and look forward to creating a vibrant shopping experience for local residents and employees," said Jeff Berkes, President, West Coast of Federal Realty Investment Trust.
Snyder Langston is the general contractor on this 115,000 square foot project that will host over 25 tenants and is scheduled to open mid-2015. This soon-to-be open air shopping center is now leasing space for regional shops, chef-driven restaurants and emerging national brands.
"The Point will offer unmatched shopping, dining and most importantly, an oasis-like escape for the South Bay beach communities," said Jeff Kreshek, Vice President of Federal Realty West Coast Leasing.
The Point will be located in El Segundo at the northeast corner of Sepulveda Boulevard (Highway 1) and Rosecrans Avenue. For leasing information on The Point, please visit www.thepointsb.com or contact: Jeffrey Kreshek at 310.414.5285 or firstname.lastname@example.org, or Bob Baker at 310.546.8144 or email@example.com.
About Federal Realty
Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of high quality retail assets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 20 million square feet located primarily in strategically selected metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 1.0 million square feet of retail space through a joint venture in which the Trust has a 30% interest. Our operating portfolio (excluding joint venture properties) was 95.3% leased to national, regional, and local retailers as of September 30, 2013, with no single tenant accounting for more than approximately 3.4% of annualized base rent. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 46 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P MidCap 400 company and its shares are traded on the NYSE under the symbol FRT.
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SOURCE Federal Realty