Federal Realty Investment Trust, an equity real estate investment trust, is acquiring a 75 percent stake in a shopping center and full ownership of an adjoining development site in El Segundo, California for $184 million, Commercial Real Estate Direct reports. The purchase price will include the assumption of $175 million of debt backed by Plaza El Segundo.
That debt includes a $162 million loan, the largest in the collateral pool of JPMorgan Chase Commercial Mortgage Securities Trust, and has a coupon of 6.23 percent and matures in 2017. The deal is expected to close in December.
Click here for the story from Commercial Real Estate Direct.