Del Monte Shopping Center Sells for $123.5 Million
Del Monte Shopping Center, the 674,000-square-foot, 47-acre center in Monterey, has been sold for $123.5 million. San Diego-based American Assets Trust, which purchased the shopping center in 2004, announced the sale on Feb. 25 to Maryland-based Federal Realty Investment Trust.
Federal Realty, which has properties throughout the country, owns Santana Row in San Jose and other high-end developments in Santa Clara County, and has a history of serving “affluent customers,” according to a company statement.
The Monterey Peninsula Chamber of Commerce “has been aware that previous (Del Monte Center) ownership was considering a sale,” said Chamber CEO Monica Lal. “The new owners, Federal Realty, own and manage other significant properties in the region, some with mixed use. We are glad the new owners have chosen to continue working with the current general manager and (Chamber) Director, Anne Sierra, whose extensive retail and local background will help inform the vision for this locally-loved asset.”
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