Goodwin’s Real Estate and Tax teams advised Los Angeles-based Primestor Development Inc. on the sale of seven shopping centers situated on 114 urban acres, with retail assets totaling 1.3 million square feet, to Federal Realty Investment Trust. The REIT’s investment is $345 million, which includes $20 million to complete the redevelopment of one center. Primestor will continue to lease and manage the properties through a joint venture with Federal Realty and under the supervision of Federal Realty’s investment committee.
Primestor develops, manages, leases and constructs groundbreaking projects in cities throughout the United States. In partnership with community stakeholders, municipalities and institutional investors, Primestor’s projects become regional and local gathering spaces for the neighborhoods they serve.
For additional details on the transaction, please read the press release.