Federal Realty Investment Trust (NYSE:FRT) announced today the sale under threat of condemnation of an 11.7-acre portion of San Antonio Center, located in Mountain View, California, for $155 million. The land sold under the condemnation threat is needed for the eventual construction of a school by the Los Altos School District. Tenants on the sold portion of the property include Kohl's, 24 Hour Fitness, Jo-Ann, and various small shop tenants. Tenant condemnation awards, yet to be finalized, will be paid out of Federal Realty's sale proceeds.
Federal Realty purchased San Antonio Center, which totals 35 acres, in 2015 for $62.2 million.
"The sale of a portion of San Antonio Center is a testament to the value of our best-in-class real estate portfolio, particularly in Silicon Valley," said Jeff Berkes, Executive Vice President – Western Region President. "Federal Realty controls 140 acres of land in Silicon Valley including 2.4 million commercial square feet and 662 residential units."
About Federal Realty
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, Federal Realty's mission is to deliver long term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Its expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 104 properties include approximately 3,000 tenants, in 24 million square feet, and over 2,600 residential units.
Federal Realty has increased its quarterly dividends to its shareholders for 52 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.FederalRealty.com.
