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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.
- ◦Sale/Acquisition
