Business Services Industry
California retail center
Real Estate Alert, Feb 25, 2004
American Assets is under contract to pay $85 million for Del Monte Center, an open-air mall in Monterey, Calif. The price would bring an initial yield of 8.2%. The 628,000-sf shopping center, comprising 15 structures crisscrossed by walkways, is anchored by Macy's and Whole Foods. The center's 80 tenants produce inline sales of about $315/sf.
It is being sold by Divco West Properties and SunAmerica, which listed the property with Secured Capital. American Assets, a San Diego firm headed by Ernest Rady, stepped in after an earlier deal with Somera Investment Partners Jell through.
COPYRIGHT 2004 Harrison Scott Publications, Inc.
COPYRIGHT 2008 Gale, Cengage Learning
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