Central Coast Shopping Center Sells for $124M

American Assets Trust Inc. has sold Del Monte Shopping Center, a 673,155-square-foot retail destination in Monterey, Calif. Federal Realty Investment Trust purchased the asset for about $123.5 million.

AAT had acquired the asset in April 2004 for $115 million, according to CommercialEdge information. The current sale will allow the company to focus on other markets where it can achieve greater operational efficiency, President & CEO Adam Wyll said in prepared remarks.

Located at 1410 Del Monte Center, the property is at the intersection of Highway 1 and Munras Avenue. It’s the only regional mall within a 24-mile area. Downtown Monterey is less than 2 miles away, while the city’s regional airport is within 5 miles.

---

READ ALSO: What’s Driving the Retail Sector’s Growth?

---

Completed in 1967 on almost 47 acres, Del Monte Shopping Center was expanded in 1987 and most recently renovated in 2007. Its roster features more than 65 national retailers, including Apple, Macy’s Whole Foods Market, Lululemon and Sephora, among others. Regional brands are also part of the mix.

The property was 83 percent leased at the time of sale. Laura Tinetti and Molly Morgan of JLL’s 10Twelve boutique lifestyle leasing team will represent FRT in the remerchandising and leasing of Del Monte Shopping Center going forward.

AAT’s retail inventory

American Assets Trust’s retail portfolio comprises approximately 2.4 million rentable square feet. One of its largest properties in California is Carmel Mountain Plaza, a 520,228-square-foot shopping center in San Diego.

The retail sector is expected to adapt to changing consumer preferences, economic challenges and technological advancements. A key trend for 2025 is the focus on necessity-based retail, with grocery-anchored shopping centers proving resilient to evolving demographics. Suburban migration and hybrid work are driving demand for convenience-oriented shopping experiences.