In Westport, CT Federal sold a 16,400-sf asset and a 10,000-sf single-tenant retail property, and in Westfield, NJ it let go of an 11,000-sf retail center.
According to senior vice president Jeff Berkes, dispositions under the new plan will continue. "We anticipate closing on the sale of the remaining identified assets by the end of the second quarter," he reports. Federal has already sold $42 million of a designated $60 million in properties that are to be released from the company's ownership. The three Connecticut and New Jersey retail centers will yield the company $7million in the second quarter of this year. The buyer was not identified.
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