Federal Realty Investment Trust (FRT) Acquires Controlling Interest in Plaza El Segundo
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Federal Realty Investment Trust (NYSE: FRT) announced the acquisition of a controlling interest in Plaza El Segundo, a 381,000 square foot, landmark, retail property in El Segundo, California along with a 100% interest in an adjacent, unimproved 8.1-acre land parcel for future development.
At closing, the Trust paid cash consideration of $8.5 million for Plaza El Segundo and assumed its pro-rata share of an existing $175 million mortgage loan secured by the property, and will receive approximately 75% of the cash flow associated with the operating property.
At closing, the Trust paid cash consideration of $8.5 million for Plaza El Segundo and assumed its pro-rata share of an existing $175 million mortgage loan secured by the property, and will receive approximately 75% of the cash flow associated with the operating property.
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