Federal Realty Investment Trust revealed 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.”
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.