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.
Related
Exclusive | Dave Portnoy is quietly shopping a book
Barstool Sports founder Dave Portnoy is shopping a book, Page Six has exclusively learned. Portnoy’s agency UTA is repping the tome, sources te
We Track Sales For A Living. Here Are The 30…
As shopping experts, we shop slowly and carefully to discern if a sale offers the most bang for our buck. From everyday essentials to larger splurges, knowing w
Can you afford to be patriotic when grocery shopping?
CBCPenguins bask on the shore of King George Island near Brazil's Comandante Ferraz research station in Antarctica.Antarctica is like no place on Earth. The "W
Our Readers Top Loved Products Last Month Were All Sleep…
1TOP-TESTED COTTON SHEETSCalifornia Design Den Cotton SheetsNow 23% OffCredit: California Design DenWhy we love it: If you have been reading our What's In My Ca
