Federal Realty Investment Trust said that it has acquired a controlling interest in Plaza El Segundo, a 381,000-square-foot retail property in El Segundo, and bought an adjacent, vacant 8.1-acre property for future development.

Plaza El Segundo is located at the northeast corner of Sepulveda Boulevard and Rosecrans Avenue and serves Manhattan Beach, Hermosa Beach and Redondo Beach. The center is anchored by Whole Foods, Best Buy and Dicks Sporting Goods, with Anthropologie, J Crew, and Banana Republic among other tenants.

The Rockville, Md. real estate investment trust said late Tuesday that it paid $8.5 million cash for Plaza El Segundo and assumed a share of an existing $175 million mortgage loan secured by the property. It will receive approximately 75 percent of the cash flow associated with the operating property, it said. Other terms were not disclosed.

“Plaza El Segundo is a great addition to our California portfolio and will complement our ownership and tenant relationships on Third Street Promenade as well as Santana Row,” said Jeff Berkes, president of the trust’s west coast region. “We’ve recently opened a Southern California office which, along with the acquisition of Plaza El Segundo, will facilitate our growth in California.”