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American Assets Trust Inc. has sold Del Monte Shopping Center, a 673,155-square-foot retail destination in Monterey, Calif. Federal Realty Investment Trust purchased the asset for about $123.5 million.

AAT had acquired the asset in April 2004 for $115 million, according to CommercialEdge information. The current sale will allow the company to focus on other markets where it can achieve greater operational efficiency, President & CEO Adam Wyll said in prepared remarks.