Federal Realty Investment Trust, a retail REIT in Rockville, Maryland, paid $345M for a 90% stake in a portfolio of seven Los Angeles properties through a joint venture with Primestor Development. The properties total 1.35M SF over 114 acres.

Under the deal, the JV controls 100% interest in five existing shopping centers, a 100% stake in a center that is under development and a 25% minority interest in another shopping center. Primestor will continue to lease and manage the properties with oversight from Federal Realty’s investment committee, which will include Primestor co-founder Arturo Sneider.

Sneider and Leandro Tyberg co-founded Primestor, with a focus on the Latino market, 25 years ago.

The properties are in areas where demand exceeds supply and are dominant shopping destinations in dense infill markets with high barriers to entry, Federal Realty reports.

The shopping centers include:

• Azalea, 222K SF, in South Gate;

• Bell Gardens, 327K SF, in Bell Gardens;

• La Alameda (the center with the minority interest), 245K SF, in Walnut Park;

• Olivo at Mission Hills (under redevelopment), 155K SF, in Mission Hills;

• Plaza Del Sol, 48K SF, in South El Monte;

• Plaza Pacoima, 204K SF, in Pacoima; and

• Sylmar Town Center, 148K SF, in Sylmar.

The price includes $20M to finish redeveloping Olivo at Mission Hills.

Some of the tenants at the properties include Ross Stores, Marshall's and Food 4 Less.