09:01 AM EST, 02/26/2025 (MT Newswires) -- 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.