SAN JOSE – A Home Depot ironmongery store property that’s one in all the anchors of a busy and high-profile retail and restaurant center in San Jose has been purchased for greater than $70 million.
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Realty Income Corp. through an affiliate, purchased a Home Depot storefront at The Plant shopping mall in San Jose for $72.8 million, in response to documents filed Dec. 24 with the Santa Clara County Recorder's Office.
According to property records, San Diego Realty Income purchased the property for money. The Home Depot store is situated at 2181 Monterey Road.
As of January 2024, the Home Depot property was valued at $26 million, in response to records from the Santa Clara County Assessor's Office.
This assessment suggests that the locations occupied by prime home improvement stores are maintaining and even increasing in value, in stark contrast to the brutal downturn within the Bay Area's office and hotel sectors and the uncertain outlook for a lot of retail properties.
The deal represents the second major real estate purchase this yr of a giant portion of The Plant, a retail and dining center on the corner of Monterey Road and Curtner Avenue in south San Jose.
In August 2024, Arc Capital Partners and Milan Capital Management, two real estate investment firms, joined forces to buy the overwhelming majority of The Plant for $95 million.
Arc Capital and Milan Capital purchased three parcels at The Plant. The portion of the mall purchased by the true estate corporations contained some significant vacant space.
The three properties purchased by Arc Capital and Milan Capital were valued at $156 million as of January 2024, in response to an appraisal on file with the Santa Clara County Assessor's Office.
But just just a few months after that purchase, Arc and Milan scored a giant win by signing a Mexican supermarket to fill the biggest available space in The Plant, a long-vacant site that was home to Toys 'R Us and Babies 'R Us Businesses had operated on the north side of the complex.
Vallarta Supermarkets, which offers traditional foods and native items from Mexico, has leased the 65,000-square-foot space.
Toys 'R Us and Babies 'R Us closed their doors at The Plant in 2018. The area has been empty since 2018.
That is now changing with the rental offer from Vallarta Supermarkets. The Mexican supermarket is predicted to maneuver into its premises within the second half of 2026.
The San Jose store can be the primary Bay Area location for Vallarta Supermarkets. The chain's closest stores to the Bay Area are within the cities of Watsonville and Salinas in Monterey County.
Target, Home Depot, Best Buy, Famous Dave's, Panera Bread, Applebee's Grill + Bar, Ross Dress for Less and Ulta Beauty are amongst The Plant's major retailers. Target owns the shop space, which was not included in any of this yr's real estate purchases at The Plant.
“We are committed to building on the center's existing strengths to attract quality tenants who will revitalize parts of the center that have lain vacant for far too long,” said Chris Nichelson, president of Milan Capital, this yr's purchaser on the time most of The Plant.
Vallarta Supermarkets shall be a very important addition to The Plant. The grocery chain supports Arc Capital and Milan Capital's efforts to redevelop the mall, the property's owners said.
“This partnership represents a significant step forward in our efforts to revitalize the center and enhance the shopping experience for the local community,” Nichelson said.
image credit : www.mercurynews.com
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