Federal Realty Investment Trust has picked up the 274,000 sqf Hastings Ranch Plaza in Pasadena, California. The trust acquired the leasehold interest in the shopping center for $29.5 million in cash. The retail center was 100 percent leased at the time of the sale Sears, Marshalls, HomeGoods and CVS. Hastings Ranch Plaza is located next to Interstate 210 at the Rosemead-Michillinda exit and is within walking distance of the Sierra Madre Station on the Metro Gold Line. The new owners anticipates increasing the value over time through potential redevelopment and/or the re-leasing of space that’s under-performing.
“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.”
