WASHINGTON (dpa-AFX) - Federal Realty Investment Trust (FRT) has sold Levare, a 108-unit luxury residential property at Santana Row in San Jose, California, for $74 million.
Completed in 2011 and 95% leased at the time of sale, Levare had reached a maturity point allowing the company to capitalize on its value and redirect funds into more profitable ventures.
Executive Vice President and CIO Jan Sweetnam stated that the sale aligns with the firm's strategy to optimize returns by investing in areas with stronger long-term growth potential. Will Purcell of Eastdil Secured noted that Levare's premium location in the vibrant Santana Row district made it a highly attractive asset to institutional buyers, even in a cautious market.
Santana Row, a leading mixed-use destination in Silicon Valley, spans 2.5 million square feet of retail, office, residential, and hotel space and attracts over 8.5 million visitors annually. The area continues to be a vital driver of Federal Realty's value generation.
Wednesday, FRT closed at $95.22, down 1.74%, and is trading at $95.48 after hours, up 0.27% on the NYSE.
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