REIT Drops $24M On Plaza El Segundo, Adjacent Lot

Law360, New York (January 3, 2012, 7:13 PM EST) -- Federal Realty Investment Trust has purchased a controlling interest in Plaza El Segundo, a 381,000-square-foot outdoor shopping center in El Segundo, Calif., and 100 percent of an adjacent undeveloped 8.1-acre land parcel for $24.4 million total, the company said Tuesday.

The transaction — the fund's first since January of last year — is part of an effort to facilitate Federal Realty's growth in the area, along with the recent opening of a Southern California office.

The properties, in a retail center that has 169,000 people with...
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