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9/11/24
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In a significant retail acquisition in Silicon Valley, Milan Capital Management has purchased The Plant, a 367.9k sf regional power center in San Jose, in a transaction valued at $95 mil. Milan made the purchase in a joint venture with equity partner Arc Capital Partners.
Spanning an impressive 35.52 acres, The Plant was completed in 2008. With a current occupancy rate of 64.1%, the center boasts anchor tenants such as Best Buy, Ross, PetSmart, Ulta and Off Broadway along with Starbucks, IHop, McDonald’s, Panda Express, El Pollo Loco, Chase Bank and Five Guys. Additionally, The Plant benefits from the presence of two shadow anchors, Target and Home Depot, which attract substantial foot traffic to the center.
Located at 1 Curtner Ave, The Plant sits at the intersection of Cutner Ave and Monterrey Rd, which see 38,700 and 31,400 vehicles per day respectively. With its strategic location near multiple Fortune 500 headquarters and in close proximity to the San Jose International Airport, the center caters to both local residents and visitors from afar.
Geoff Tranchina, Gleb Lvovich, Eric Katherin, Daniel Tyner and Conor Quinn with JLL Capital Markets arranged the equity financing for the deal.
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