Federal Realty Investment Trust sold eight parcels along Santa Monica's Third Street Promenade to two buyers outside real estate, with Daniel Negari of XYZ.com acquiring seven parcels.
Negari spent a combined $84.5 million for the parcels, including a 24,600-square-foot building on Arizona Avenue bought at over $900 per square foot.
United El Segundo, a gas station-operator-turned-developer, acquired the other parcel for $19.5 million and has plans for a digital billboard-wrapped office building on Sunset Boulevard.