Del Monte Shopping Center sold for $123.5 million

MONTEREY, Calif. (KION-TV) -- Monterey's open-air shopping mall, Del Monte Shopping Center, has been sold for $123.5 million.

San Diego-based American Assets Trust sold the 47-acre property to Maryland-based Federal Realty Investment Trust.

"This acquisition aligns with Federal Realty's strategy to expand into affluent but underserved markets," Federal Realty Executive Vice President & Chief Investment Officier Jan Sweetnam said.

The shopping center has been a staple of Monterey along Highway 1 since 1967. It began humblely and expanded to a larger mall in 1987.

83 percent of the property is currently leased out to stores including Apple, Sephora, and Lululemon with high-end grocery Whole Foods and department store Macy's on the property.