{"id":1004748671,"date":"2025-02-26T04:28:51","date_gmt":"2025-02-26T12:28:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004748671"},"modified":"2025-02-26T08:33:04","modified_gmt":"2025-02-26T16:33:04","slug":"central-coast-shopping-center-sells-for-124m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/central-coast-shopping-center-sells-for-124m\/","title":{"rendered":"Central Coast Shopping Center Sells for $124M"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/11602-Carmel-Mountain-Road.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004748674\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/central-coast-shopping-center-sells-for-124m\/11602-carmel-mountain-road\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/11602-Carmel-Mountain-Road.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"11602 Carmel Mountain Road\" data-image-description=\"&lt;p&gt;Exterior shot of 11602 Carmel Mountain Road, a retail center in San Diego. The one-story, brown-fa\u00e7ade shopping mall has a parking lot and is surrounded by palm trees.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;America Assets Trust\u2019s largest retail center spans 520,228 square feet and is in the California state. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/11602-Carmel-Mountain-Road.jpg?w=1000\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/11602-Carmel-Mountain-Road.jpg\" alt=\"Exterior shot of Carmel Mountain Plaza, a retail center in San Diego. The one-story, brown-fa\u00e7ade shopping mall has a parking lot and is surrounded by palm trees.\" class=\"wp-image-1004748674\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/11602-Carmel-Mountain-Road.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/11602-Carmel-Mountain-Road.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/11602-Carmel-Mountain-Road.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption class=\"wp-element-caption\">American Assets Trust also owns Carmel Mountain Plaza, a retail center in San Diego that spans 520,228 square feet.<em> Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>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.<\/p>\n\n\n\n<p>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 &amp; CEO Adam Wyll said in prepared remarks.<\/p>\n\n\n\n<p>Located at 1410 Del Monte Center, the property is at the intersection of Highway 1 and Munras Avenue. It&#8217;s the only regional mall within a 24-mile area. Downtown Monterey is less than 2 miles away, while the city\u2019s regional airport is within 5 miles. <\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO: <\/strong><a href=\"https:\/\/www.commercialsearch.com\/news\/retail-space-in-focus-whats-driving-the-sectors-growth\/\">What\u2019s Driving the Retail Sector\u2019s Growth?<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>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\u2019s Whole Foods Market, Lululemon and Sephora, among others. Regional brands are also part of the mix. <\/p>\n\n\n\n<p>The property was 83 percent leased at the time of sale. Laura Tinetti and Molly Morgan of JLL\u2019s 10Twelve boutique lifestyle leasing team will represent FRT in the remerchandising and leasing of Del Monte Shopping Center going forward.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-aat-s-retail-inventory\">AAT\u2019s retail inventory<\/h2>\n\n\n\n<p>American Assets Trust\u2019s 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.<\/p>\n\n\n\n<p>The retail sector is expected to adapt to changing consumer preferences, economic challenges and technological advancements. A <a href=\"https:\/\/www.commercialsearch.com\/news\/retail-market-trends\/\">key trend for 2025 <\/a>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This asset previously changed hands for $115 million in 2004.<\/p>\n","protected":false},"author":3355,"featured_media":1004748674,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21749,15],"tags":[35896],"class_list":["post-1004748671","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-retail","category-west","tag-american-assets-trust"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Central Coast Shopping Center Sells for $124M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"American Assets Trust Inc. has sold Del Monte Shopping Center, a retail property in Monterey, Calif., for $123.5 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/central-coast-shopping-center-sells-for-124m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Central Coast Shopping Center Sells for $124M\" \/>\n<meta property=\"og:description\" content=\"American Assets Trust Inc. has sold Del Monte Shopping Center, a retail property in Monterey, Calif., for $123.5 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/central-coast-shopping-center-sells-for-124m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2025-02-26T12:28:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-26T16:33:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/11602-Carmel-Mountain-Road.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Vicentiu Fusea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/central-coast-shopping-center-sells-for-124m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/central-coast-shopping-center-sells-for-124m\/\",\"name\":\"Central Coast Shopping Center Sells for $124M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/central-coast-shopping-center-sells-for-124m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/central-coast-shopping-center-sells-for-124m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/11602-Carmel-Mountain-Road.jpg\",\"datePublished\":\"2025-02-26T12:28:51+00:00\",\"dateModified\":\"2025-02-26T16:33:04+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6f90c90d1e85956f06679ddabc844412\"},\"description\":\"American Assets Trust Inc. has sold Del Monte Shopping Center, a retail property in Monterey, Calif., for $123.5 million.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/central-coast-shopping-center-sells-for-124m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/central-coast-shopping-center-sells-for-124m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/central-coast-shopping-center-sells-for-124m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/11602-Carmel-Mountain-Road.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/11602-Carmel-Mountain-Road.jpg\",\"width\":1000,\"height\":750,\"caption\":\"America Assets Trust\u2019s largest retail center spans 520,228 square feet and is in the California state. 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