{"id":1004727121,"date":"2024-08-29T04:26:47","date_gmt":"2024-08-29T12:26:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004727121"},"modified":"2024-08-30T07:53:16","modified_gmt":"2024-08-30T15:53:16","slug":"bay-area-retail-center-commands-95m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bay-area-retail-center-commands-95m\/","title":{"rendered":"Bay Area Retail Center Trades for $95M"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/The-Plant-e1724929385175.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004727123\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/bay-area-retail-center-commands-95m\/the-plant-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/The-Plant-e1724929385175.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"The Plant\" data-image-description=\"&lt;p&gt;The Plant is located within one of Silicon Valley&#8217;s vibrant communities. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The Plant is located within one of Silicon Valley&#8217;s vibrant communities. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/The-Plant-e1724929385175.jpg?w=1000\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/The-Plant-e1724929385175.jpg\" alt=\"Exterior shot of The Plant Shopping Center\" class=\"wp-image-1004727123\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/The-Plant-e1724929385175.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/The-Plant-e1724929385175.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/The-Plant-e1724929385175.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption class=\"wp-element-caption\">Ross Dress for Less is one of The Plant&#8217;s anchor tenants. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>The partnership between Arc Capital Partners and Milan Capital Management has purchased The Plant, a 367,000-square-foot super-regional retail center in San Jose, Calif. <\/p>\n\n\n\n<p>The property traded for $95 million, as reported by <em>Silicon Valley<\/em>. Oceanview Life provided a $71.8 million acquisition loan, according to CommercialEdge information.<\/p>\n\n\n\n<p>The Plant\u2019s previous owner was Global Net Lease, which merged in 2023 with The Necessity Retail REIT, which had purchased the asset in 2022. GNL has recently subdivided the property into two parts: The Plant, which recently traded, and a separate property that remains under the company\u2019s ownership and has significant value. The property is leased to Home Depot, which has a long-term lease.<\/p>\n\n\n\n<p>Completed in 2008, The Plant encompasses 17 buildings across some 45 acres. Anchored by Best Buy, Ulta Beauty and Ross Dress for Less and shadow-anchored by Target and Home Depot, the super-regional shopping center also has a diverse mix of retailers such as Grico, McDonald\u2019s, Game Stop, Applebee\u2019s, Starbucks and Petsmart, among others. The new owners are actively engaged in preleasing negotiations to fill major vacancies.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/first-half-investor-darlings\/\">First-Half Investor Darlings<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Located at 1 Curtner Ave., at the corner of Curtner Avenue and Monterey Street, the property is 3 miles from downtown San Jose. There are nearly 87,000 households within a 3-mile radius, having a median income of $104,299, according to Atlantic Retail.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-san-jose-s-retail-scene\">San Jose\u2019s retail scene<\/h2>\n\n\n\n<p>Driven by a strong economy and diverse community, San Jose&#8217;s <a href=\"https:\/\/www.commercialsearch.com\/news\/retail-market-trends\/\">retail market<\/a> remains resilient. The vacancy rate clocked in at 4.9 percent, increasing by 30 basis points year-over-year, according to a second-quarter 2024 report by Institutional Property Advisors. A total of 80,200 square feet of retail space was under construction in the metro at the end of June, while the average asking rent reached $36 per square foot.<\/p>\n\n\n\n<p>T&amp;T Supermarket Inc.\u2014the largest Asian food retailer in Canada\u2014will open<a href=\"https:\/\/www.commercialsearch.com\/news\/canadas-largest-asian-food-retailer-to-expand-in-california\/\"> its first California location<\/a> in San Jose in the fall of next year. The 55,000-square-foot store will operate inside Federal Realty\u2019s 645,000-square-foot Westgate Center.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Arc Capital Partners and Milan Capital Management purchased the asset. <\/p>\n","protected":false},"author":3014,"featured_media":1004727123,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21749,36079,15],"tags":[36409,36796],"class_list":["post-1004727121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-retail","category-san-jose","category-west","tag-arc-capital-partners-llc","tag-global-net-lease"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bay Area Retail Center Trades for $95M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Arc Capital Partners and Milan Capital Management purchased The Plant, a super-regional retail center in San Jose, Calif.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/bay-area-retail-center-commands-95m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bay Area Retail Center Trades for $95M\" \/>\n<meta property=\"og:description\" content=\"Arc Capital Partners and Milan Capital Management purchased The Plant, a super-regional retail center in San Jose, Calif.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/bay-area-retail-center-commands-95m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-29T12:26:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-30T15:53:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/The-Plant-e1724929385175.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bay-area-retail-center-commands-95m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/bay-area-retail-center-commands-95m\/\",\"name\":\"Bay Area Retail Center Trades for $95M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bay-area-retail-center-commands-95m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bay-area-retail-center-commands-95m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/The-Plant-e1724929385175.jpg\",\"datePublished\":\"2024-08-29T12:26:47+00:00\",\"dateModified\":\"2024-08-30T15:53:16+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a0c04b9de1387474e28c9ebdb0444e59\"},\"description\":\"Arc Capital Partners and Milan Capital Management purchased The Plant, a super-regional retail center in San Jose, Calif.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bay-area-retail-center-commands-95m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/bay-area-retail-center-commands-95m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bay-area-retail-center-commands-95m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/The-Plant-e1724929385175.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/The-Plant-e1724929385175.jpg\",\"width\":1000,\"height\":750,\"caption\":\"The Plant is located within one of Silicon Valley's vibrant communities. 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