Federal Realty Investment Trust purchased 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.