Del Monte Shopping Center trades hands for $123.535M

ORANGE COUNTY, Calif., Mar. 6, 2025 – JLL Capital Markets announced today that it has arranged the $123.535 million sale of Del Monte Shopping Center, a 675,088-square-foot retail property in Monterey, California.

JLL worked on behalf of the seller, American Assets Trust, Inc. The buyer was Federal Realty Investment Trust.

Del Monte Shopping Center, located at 1410 Del Monte Ctr., sits at the gateway to the Monterey Peninsula along Pacific Coast Hwy., offering exceptional visibility and accessibility. The 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 billion in spending power.

Del Monte Shopping Center, spanning 47.04 acres, has been a cornerstone of Monterey's retail landscape since its construction in 1967, with 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.

Tranchina noted, "Del Monte Shopping Center has been at the center of commerce and community for the Monterey Peninsula for nearly 60 years, and as that community has grown and evolved, Del Monte will continue to be its cornerstone project.”

JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Senior Managing Directors Gleb Lvovich and Geoff Tranchina and Managing Directors Eric Kathrein and Daniel Tyner.

“Del Monte Shopping Center is an incredible asset and speaks to the desirability of dynamic retail properties from both shoppers and investors,” said Lvovich. “We’ve seen interest from a variety of capital sources on recent large, complex offerings demonstrating a resurgence in demand for the asset class.”

Kathrein added, "Federal Realty is a renowned owner and operator of retail properties. Their expertise and vision align perfectly with Del Monte Shopping Center's potential. We're confident that under their stewardship, the center will continue to thrive and evolve, building upon its strong foundation created by the team at American Assets Trust, Inc.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust (“REIT”), headquartered in San Diego, California. The Company has over 55 years of experience in acquiring, improving, developing and managing premier office, retail, and residential properties throughout the United States in some of the nation’s most dynamic, high-barrier-to-entry markets primarily in Southern California, Northern California, Washington, Oregon, Texas and Hawaii.

Federal Realty Investment Trust, founded in 1962, is an S&P 500 real estate company focused on owning, operating and developing high-quality retail properties in densely populated, affluent communities. With a mission to deliver long-term sustainable growth, the company boasts a diversified portfolio of grocery-anchored shopping centers and large-scale mixed-use neighborhoods in eight major markets, backed by over 20 years of experience in creating live, work, play destinations.