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3/07/25
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Federal Realty Investment Trust closed on a large retail investment buy, paying $123.5 mil for Del Monte Shopping Center, a 675k sf ($183/sf) retail property in Monterey. The property was sold by American Assets Trust Inc.
Del Monte Shopping Center sits on just over 47 acres at 1410 Del Monte Ctr, at the gateway to the Monterey Peninsula along Pacific Coast Hwy. Constructed in 1967, the center underwent a significant renovation in 2015.
Currently 83.2% occupied, the center attracts 5.2 million visitors annually, drawn by its diverse mix of high-profile tenants including Whole Foods, Apple, Macy’s, Sephora, Lululemon, Pottery Barn, Anthropologie and Century Theatres. Other tenants include Chipotle, Gap, Foot Locker, Starbucks, Zales, Subway and more.
The Monterey area is home to 89,001 residents and features five of America's top 100 golf courses, including Pebble Beach and Spyglass Hill, among others. The Peninsula boasts an average home value of $1,147,217, average household income of $135,864 and $15.8 bil in spending power.
Gleb Lvovich, Geoff Tranchina, Eric Kathrein and Daniel Tyner with JLL Capital Markets represented the seller in the transaction. According to Lvovich, they’ve seen interest from a variety of capital sources on recent large, complex offerings, demonstrating a resurgence in demand for the asset class.
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