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North Bethesda’s Federal Realty Investment Trust completes sale of California portfolio
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North Bethesda-based Federal Realty Investment Trust Friday announced the sale of its remaining assets on Third Street Promenade in Santa Monica, California.
The portfolio, composed of eight buildings with a total of 185,000 square feet, was sold for $103 million. Including a previous transaction, the total proceeds from the Third Street Promenade assets amount to $120 million.
The Third Street Promenade portfolio, located approximately a quarter-mile from Santa Monica Beach, includes 147,000 square feet of retail space and 60,000 square feet of office space across both transactions.
Federal Realty’s 102 properties include approximately 3,300 tenants, in 26 million commercial square feet, and approximately 3,100 residential units.
The company has increased its quarterly dividends to its shareholders for 56 consecutive years, the longest record in the REIT industry.
