ROCKVILLE, Md., Feb. 9, 2017 /PRNewswire/ -- Federal Realty Investment Trust (NYSE:FRT) today announced the acquisition of Hastings Ranch Plaza, a 274,000 square foot shopping center in Pasadena, California. The Trust acquired the leasehold interest in the shopping center for $29.5 million cash. Hastings Ranch Plaza enjoys immediate access to Interstate 210 at the Rosemead-Michillinda exit and is within walking distance of the Sierra Madre Station on the Metro Gold Line.
Hastings Ranch Plaza is currently 100% occupied. The property 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.
"We're very happy to expand our Southern California shopping center portfolio and presence with the acquisition of Hastings Ranch and look forward to taking the property to the next level as leasing, and possibly, redevelopment opportunities unfold over the medium term" said Jeff Berkes Federal Realty's President – West Coast. "Hastings Ranch has an outstanding location in a great community with a very strong nearby interstate and public transportation infrastructure."
Hastings Ranch Plaza is located at the northwest corner of Foothill Boulevard and Michillinda Avenue – an excellent freeway-adjacent location with significant frontage along a major east-west thoroughfare that stretches for 60 miles through Los Angeles and San Bernardino counties, in a shopping area that services some of Southern California's most affluent, stable and centrally located communities. Hastings Ranch Plaza enjoys immediate access to Interstate 210 at the Rosemead-Michillinda exit where average traffic counts are around 240,000 vehicles daily. Hastings Ranch Plaza is also within walking distance of the Sierra Madre Metro Station, which serves the Metro Gold Line. The Property boasts demographics that enhance Federal Realty's already sector-leading position, with 141,385 people and average household incomes of $119,886 within a 3-mile radius.
About Federal Realty
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, our mission is to deliver long term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Our expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 96 properties include over 2,800 tenants, in approximately 22 million square feet, and over 1,800 residential units.
Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 49 consecutive years, the longest record in the REIT industry. Federal Realty shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.FederalRealty.com.
SOURCE Federal Realty Investment Trust