Sub Markets

Property Sectors

Topics

California CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

California  + Retail  | 

Federal Realty Acquires Monterey’s Del Monte Center for $123.5M

Federal Realty Investment Trust has expanded its West Coast presence by acquiring Del Monte Shopping Center in Monterey for $123.5 million. The seller was San Diego-based American Assets Trust (AAT).

For AAT, “The sale of Del Monte Center is a strategic decision that allows us to focus on markets where we can achieve greater economies of scale and operational efficiencies while aligning with our long-term growth objectives,” said president and CEO Adam Wyll.

Federal EVP and CIO Jan Sweetnam said, “This acquisition aligns with Federal Realty’s strategy to expand into affluent but underserved markets. We look forward to capitalizing on our deep relationships with aspirational retailers looking to expand and enter new markets with a partner who has a history of delivering great places and strong sales.”

Built in 1967 and most recently renovated in 2007, the 674,000-square-foot Del Monte Center is currently 83% leased.

Connect

Inside The Story

American Assets TrustFederal Realty

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
New call-to-action