**Federal Realty Expands West Coast Presence with $123.5M Acquisition of Del Monte Shopping Center**
Federal Realty Investment Trust has strengthened its West Coast portfolio with the acquisition of Del Monte Shopping Center in Monterey for $123.5 million. The property was purchased from San Diego-based American Assets Trust (AAT).
For AAT, the sale represents a strategic move to prioritize markets where the company can achieve greater operational efficiencies and long-term growth. “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 Adam Wyll, president and CEO of AAT.
Jan Sweetnam, executive vice president and chief investment officer of Federal Realty, highlighted the acquisition’s alignment with the company’s expansion strategy. “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,” said Sweetnam.
Built in 1967 and last renovated in 2007, the 674,000-square-foot Del Monte Center is currently 83% leased.
