Federal Realty Investment Trust (FRT) said Wednesday it has acquired the Del Monte Shopping Center in Monterey, California, for $123.5 million.
The company said it aims to create value at the shopping center through strategic lease-ups, merchandising, and placemaking enhancements.
The property, currently 83% leased, serves a trade area of over 225,000 residents and ranks in the top 5% of US shopping centers in terms of annual foot traffic, Federal Realty said.
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