By Kate Snyder
The recent sale of a shopping center in San Jose shows the continued activity of the retail real estate market in the city. In one recent deal, the Mt. Pleasant Shopping Center traded hands for $21.3 million, or about $242 per square foot, according to public documents. Intelli, an entity affiliated with San Jose-based business and real estate executive Do Van Tron, was the buyer. The seller was a local real estate group led by San Jose-based Cane Cos.
The center sits on 7.8 acres located at a variety of addresses – 3000 through 3098 Story Road, 1105 South White Road and 1159 through 1171 South White Road. While the center’s anchor tenants are a CVS drugstore and a FoodMaxx grocery store, the FoodMaxx store property is owned by an affiliate of Save Mart Supermarkets and wasn’t part of the purchase.
According to a marketing brochure from Colliers, the portion of the center that was for sale was approximately 87,693 square feet. Marketing information shows that 12 leases totaling about 67,924 square feet of the total rentable space are set to expire by the end of 2024. The center was originally constructed in 1963.
Intelli was involved in the purchase of another San Jose retail property that the group had planned to revamp. Last year, an entity affiliated with Intelli also purchased a former Sears building near the Eastridge Center mall, according to previous reporting by The Registry. That 260,100 square foot retail site was sold by Seritage Growth Properties for $24.8 million, or about $95 per square foot.
The property is located at 2180 Eastridge Loop and includes two buildings and a surface parking lot built in 1971. The buildings were previously a Sears auto service center and department store, and numerous reports at the time of purchase stated that the building could be transformed into a Vietnamese market.
