Monterey, Calif. — Federal Realty Investment Trust has acquired Del Monte Shopping Center, a 674,000-square-foot retail development located in Monterey, for $123.5 million. Originally built in 1967 and renovated in 2007, the center is situated on 47 acres. Whole Foods Market anchors the property, which was 83 percent leased at the time of sale. Other tenants at the center include Sephora, lululemon, Pottery Barn, Century Theatres, Macy’s and Anthropologie.
According to Placer.ai, the development ranks among the top five percent of shopping centers in the United States for annual foot traffic. Federal Realty plans to implement a strategic lease-up process at the center, as well as merchandising and placemaking enhancements.
Gleb Lvovich, Geoff Tranchina, Eric Kathrein and Daniel Tyner of JLL Capital Market’s Investment and Sales Advisory team represented the seller, American Assets Trust Inc., in the transaction.