Located about 5 miles south of Monterey and Pebble Beach, Carmel-by-the-Sea is a humble seaside village with fairy tale cottages, a few small shops and cafes – at least that's the cover story.

Federal Realty has purchased the Del Monte Shopping Center in Monterey for over $123 million. The company, which also owns Santana Row in San Jose, plans to expand the center with more leases and ...