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CARMEL-BY-THE-SEA, CALIF. — Mahoney & Associates has arranged the sale of Carmel Rancho Shopping Center, a retail center in Carmel-by-the-Sea. Montage Health acquired the asset for $37.5 million. Situated on a 295,335-square-foot land parcel, Carmel Rancho Shopping Center offers 77,002 square feet of retail space. Ryan Edwards, Josh Jones and Patrick Stafford of Mahoney & Associates represented the buyer and the undisclosed seller in the deal.