Federal Realty Investment Trust closed on its recently announced joint venture with Primestor Development Inc.

The joint venture is seeded by a full stake in five Southern California community shopping centers, one center under redevelopment and a 25% minority interest in a seventh shopping center. In aggregate, the seven properties encompass more than 1.3 million square feet on 114 acres of urban land.

According to a release, Federal Realty owns a roughly 90% stake in the venture, and its $345 million investment includes a $20 million pledge to complete the renovation of one of the properties.

The company noted that Primestor will continue to lease and manage the properties.