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12/19/23
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In a recent NoCal retail buy, Brixton Capital acquired Monterey Plaza, a 178.2k sf shopping center in San Jose. The property was sold by a Kimco Realty joint venture with Prudential Global Investment Management for an undisclosed amount.
The open-air, grocery-anchored shopping center in southeast San Jose is located at the intersection of Monterey and Blossom Hill roads, just off Hwy 101. Existing tenants include FoodMaxx, City Sports Club (an LA Fitness affiliate), Dollar Tree, McDonald’s and Taco Bell as well as other community-serving restaurants, retailers, entertainment companies and medical-service providers.
According to Brixton Capital Managing Director of Investments Dan Sutherland, adding Monterey Plaza to their portfolio fits with the firm’s strategy aimed at enhancing shopping centers to better serve the surrounding community. “With the center’s current 71% occupancy rate, there are significant opportunities for our team to drive value through lease up of vacant space and improve the shopping experience for local residents with new retail operators.”
As part of Brixton’s vision for Monterey Plaza, the firm plans to re-tenant a former Walmart storefront and a complete revitalization of the shopping center, including new exterior aesthetics and landscaping.
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