Pasadena Shopping Center Trades for $30M

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Hastings Ranch Plaza in Pasadena, Calif.

Pasadena, Calif.—Federal Realty Investment Trust recently announced that it has acquired Hastings Ranch Plaza, a 274,000-square-foot selling core in Pasadena, for a cost tab of $29.5 million.

Located during 3801 E. Foothill Blvd., during a northwest dilemma of Foothill Blvd. and Michillinda Avenue, a item was assembled in 1982 and recently underwent renovations. The whole core perceived a new façade with new mill design, arcade, contemporary tone pallette, landscape, lighting and site amenities. McKently Malak Architects was in assign of giving a new life to a sell center.

Hastings Ranch Plaza is situated within walking stretch of a Sierra Madre Metro Station, that serves a Metro Gold Line, and in tighten vicinity to Interstate 210, with an average trade count during around 240,000 vehicles a day.

At a time of a transaction, a item was entirely leased, a reside register including Sears, Marshalls, HomeGoods and CVS. The new owners anticipates an boost in value over time by intensity redevelopment or a re-leasing of a space now leased during below-market rents.

“We’re really happy to enhance our Southern California shopping core portfolio and participation with a merger of Hastings Ranch and demeanour brazen to holding a skill to a subsequent turn as leasing, and possibly, redevelopment opportunities reveal over a middle term,” pronounced Jeff Berkes, boss of Federal Realty, West Coast, in a prepared statement. “Hastings Ranch has an superb plcae in a good village with a really clever circuitously widespread and open travel infrastructure.”

Image pleasantness of McKently Malak Architects

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