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Federal Realty Acquires Seven Retail Properties in Los Angeles County for $345 Million

The REIT bought a majority interest in a portfolio totaling 1.3 million sq. ft.

Federal Realty Investment Trust has acquired a majority interest in five community shopping centers, one center under redevelopment and a 25% interest in a seventh center from Primestor Development, Inc. for $345 million. Rockville, MD-based Federal Realty holds a 90% interest in the properties, which total 1.3 million square feet covering 114 acres through a joint venture with Primestor, which will continue to lease and manage.

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