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6/11/24
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Federal Realty Investment Trust has sold its remaining assets along Santa Monica’s Third Street Promenade -- eight buildings containing 185k sf of space -- for $103 mil ($557/sf). The buyer was not disclosed. Including a previous transaction, the firm’s total proceeds from its Third Street Promenade assets amount to $120 mil.
Federal’s Third Street Promenade portfolio, located approximately a quarter mile from Santa Monica Beach, includes 147k sf of retail space and 60k sf of office space across both transactions. Federal acquired the buildings between 1996 to 2000, at a cost estimated to be just under $30 mil.
"The divestiture of our Third Street Promenade assets marks a key step in our strategy to optimize our portfolio and strengthen our balance sheet," stated Jan Sweetnam, Executive Vice President, Chief Investment Officer of Federal Realty. "As part of our capital recycling program, this transaction enhances our ability to invest in assets that align with our strategic growth objectives. This approach ensures we remain well-positioned to capitalize on market opportunities, such as our recent acquisition of Virginia Gateway, and drive sustained shareholder value."
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