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Riviera Center Mgmt Sells Hastings Ranch Plaza Ground Lease

Federal Realty Investment Acquires Pasadena Retail Center
March 8, 2017
Federal Realty Investment Trust, a public REIT, purchased the leasehold interest in the Hastings Ranch Plaza at 3801 E. Foothill Blvd. in Pasadena, CA from Riviera Center Management Company for $29.5 million, or about $108 per square foot.

The 273,581-square-foot property was fully leased at the time of sale, anchored by Sears, Marshalls, HomeGoods and CVS. The asset is within walking distance of the Sierra Madre Metro Station on the Gold Line.

Kyle Miller, William Bauman, Mike Grannis and Brent Cunningham of Highland Partners represented the seller. The buyer handled the sale in-house.

Please see CoStar COMPS #3827789 for more information on this transaction.
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