Business
American Assets Trust, Inc. Announces Sale of Del Monte Shopping Center in Monterey, California
SAN DIEGO, Feb. 25, 2025 (GLOBE NEWSWIRE) -- American Assets Trust, Inc. (NYSE:AAT) (the “Company”) announced today the sale of Del Monte Shopping Center, a premier retail destination in Monterey, California, for approximately $123.5 million, before closing prorations. "The sale of Del Monte Center is a strategic decision that allows us to focus on markets where we can achieve greater economies of scale and operational efficiencies while aligning with our long-term growth objectives. We are prou
About this update from American Assets Trust, Inc.
[{"type":"image","alt":"American Assets Trust, Inc.","displaySize":"","headline":null,"caption":"American Assets Trust, Inc.","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":157,"url":"https://media.zenfs.com/en/globenewswire.com/38d06e5abf3face9c39f29569d9fdf85"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/TtgHy8_i4y9wHcSaevi57g--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTIyMDtjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/38d06e5abf3face9c39f29569d9fdf85","width":300,"height":157}},"lazy":false},{"type":"text","content":"SAN DIEGO, Feb. 25, 2025 (GLOBE NEWSWIRE) -- American Assets Trust, Inc. (NYSE:AAT) (the “Company”) announced today the sale of Del Monte Shopping Center, a premier retail destination in Monterey, California, for approximately $123.5 million, before closing prorations.","length":269,"tagName":"p"},{"type":"text","content":""The sale of Del Monte Center is a strategic decision that allows us to focus on markets where we can achieve greater economies of scale and operational efficiencies while aligning with our long-term growth objectives. We are proud of the value we have created at Del Monte Center and confident that the new ownership will continue to build upon its success. This transaction reflects our commitment to optimizing our portfolio and delivering strong results for our stakeholders over the long-term," said Adam Wyll, the Company’s President and Chief Executive Officer.","length":578,"tagName":"p"},{"type":"text","content":"About American Assets Trust, Inc.","length":33,"tagName":"p"},{"type":"text","content":"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. The Company's office portfolio comprises approximately 4.1 million rentable square feet, and its retail portfolio comprises approximately 2.4 million rentable square feet. In addition, the Company owns one mixed-use property (including approximately 94,000 rentable squ...