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3/08/17
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Federal Realty Investment Trust has acquired the leasehold interest for Hastings Ranch Shopping Center in Pasadena for $29.5 mil in an all-cash deal. The 273.6k sf center is located at 3801 E. Foothill Blvd, east of Rosemead Blvd and north of the 210 Fwy.
Hastings Ranch Shopping Center was 100% occupied at the time of the sale. Tenants include Sears, Marshall’s, CVS, Panda Express, Corner Bakery and One West Bank.
Bill Bauman and Kyle Miller with Savills Studley’s National Retail Services Group, along with Mike Grannis of Highland Partners, represented the seller, Hastings Ranch Shopping Center L.P., a private real estate company. Federal Realty Investment Trust is a publicly traded REIT.
“The seller owned the property for more than 10 years and did an outstanding job of redeveloping the shopping center and upgrading the tenant mix,” noted Miller.
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