Del Monte Shopping Center sold for over $123M, highlighting the high value of coastal retail real estate. Discover the details behind this landmark deal.
Del Monte Shopping Center, a beloved retail hub in the coastal town of Monterey, California, has changed hands in a blockbuster transaction that’s turning heads in the commercial real estate world. The 47-acre property was sold for $123,535,000, which pencils out to an eye-popping $2,626,169 per acre—an exceptional price point that underscores the premium value of land in high-demand, coastal California markets.
Situated just off Highway 1 and minutes from Cannery Row, Del Monte Shopping Center has long served as a retail nucleus for residents and tourists alike. The center blends high-end retail with scenic charm—attributes that clearly contributed to its record-setting valuation.
What makes this sale even more noteworthy is its location. Monterey County’s real estate landscape includes a mix of agricultural land, luxury homes, and tourist destinations, but rarely do properties like this—central, coastal, and commercially dense—come up for sale.
The recent sale of Del Monte Shopping Center marks a significant transaction between two major players in the real estate investment space. American Assets Trust, a San Diego-based Real Estate Investment Trust, known for its robust portfolio of high-quality retail and office properties along the West Coast sold this property to Federal Realty Investment Trust.
Federal Realty, known for owning and managing high-performing retail centers in urban and affluent markets, made this strategic acquisition that aligns with its continued focus on high-value assets in densely populated, demographically strong areas. Del Monte Shopping Center, with its prime location and established tenant base, is a natural fit for that strategy.
This deal does more than just set a high bar for per-acre retail property value—it signals broader market confidence in well-located, experience-driven retail real estate. As e-commerce continues to challenge traditional retail, properties like Del Monte—where location, tenant mix, and foot traffic converge—are proving their enduring worth.
It also reflects a continued trend we’re seeing across high-value coastal zones in California, where land scarcity and zoning constraints are driving up per-acre valuations, especially for developed commercial real estate.
At over $2.6 million per acre, the Del Monte Shopping Center sale is a landmark transaction that reinforces Monterey County's stature as a desirable investment destination. With its prime location, loyal customer base, and curated tenant lineup, this shopping center is more than a retail property—it’s a case study in how premium location and market fundamentals translate into land value.
For investors, developers, and market watchers, this sale offers a fresh benchmark and a reminder: coastal retail is alive, well, and commanding top dollar.
Want to explore more land transactions and development trends? Visit Acres.com for in-depth market insights, property data, and the latest updates on land values across the country.
Farmland in Dekalb County, Indiana, sold for $22,566 per acre, highlighting the demand for high-quality, productive land with development potential.
Kearney Vineyard in Fresno County sells for $31,250 per acre, showcasing the region’s demand for premium agricultural land.
Explore a versatile 108-acre property in Brown County, South Dakota, ideal for both farming and recreation, recently sold at auction for $820,800.
Business Hours: 8AM to 5PM CST
26 W. Center St. Suite 203, Fayetteville, AR 72701
