Del Monte Shopping Center sold for $123.5 million
MONTEREY, Calif. (KION-TV) — Monterey’s open-air shopping mall, Del Monte Shopping Center, has been sold for $123.5 million.
San Diego-based American Assets Trust sold the 47-acre property to Maryland-based Federal Realty Investment Trust.
“This acquisition aligns with Federal Realty’s strategy to expand into affluent but underserved markets,” Federal Realty Executive Vice President & Chief Investment Officier Jan Sweetnam said.
The shopping center has been a staple of Monterey along Highway 1 since 1967. It began humblely and expanded to a larger mall in 1987.
83 percent of the property is currently leased out to stores including Apple, Sephora, and Lululemon with high-end grocery Whole Foods and department store Macy’s on the property.
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