The Plant retail and restaurant center in San Jose lands big buyer – The Mercury News

The Plant retail and restaurant center in San Jose lands big buyer – The Mercury News

SAN JOSE — A extreme-profile San Jose retail and restaurant center has been purchased by An exact property agency in a deal that reveals huge buyers nonetheless hunger for bodily shops Inside the wake of the coronavirus pandemic.

The Plant, located shut to downtown San Jose On the nook of Curtner Avenue and Monterey Road, has been purchased by The want Retail REIT. The exact property agency purchased the South Bay retail complicated as An factor of a $1.3 billion buy of a package deal Of financial properties.

Necessity Retail paid $175 million for The Plant, the exact property agency said Tuesday.

“The Plant is a extremely fascinating asset Inside the portfolio of open-air buying facilities We now have acquired in 2022,” Michael Weil, chief authorities officer of Necessity Retail, said in a ready launch.

Part of Definitely one of many buildings in The Plant retail and restaurant complicated, located at 1 Curtner Ave. in San Jose. (Google Maps)

Located at 1 Curtner Ave., The Plant totals 650,500 sq. ft, Based mostly on a leasing brochure circulated by brokers James Chung and Marisa Delgado with The Econic Co., a enterprise exact property agency That is looking for tenants for the complicated.

“I’m bullish on the alternatives for A center like this, said Chung, founder and principal authorities with Econic Co.

The Plant was constructed by way of the redevelopment of An prolonged-time Widespread Electrical manufacturing unit On The state of affairs. …….

Source: https://www.mercurynews.com/2022/05/31/plant-retail-restaurant-center-san-jose-buy-real-estate-covid-economy

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