SAN JOSE — The Plant, a high-profile retail and restaurant hub in San Jose, has been bought for $90 million-plus in a deal that shows investors still hunger for Bay Area commercial sites despite their current struggles.
Milan Capital Management, acting through an affiliate, bought the Plant for $95 million, according to documents filed on Aug. 27 with the Santa Clara County Recorder’s Office.
The Plant, located south of downtown San Jose at the corner of Curtner Avenue and Monterey Road, is a well-known shopping center that accommodates numerous well-known shops and restaurants.
Necessity Retail REIT bought The Plant just two years ago in 2022, paying slightly below $175 million for the shopping center.
Located at 1 Curtner Ave., The Plant totals 650,500 square feet, according to real estate brochures.
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The Plant was built through the redevelopment of a long-time General Electric factory at the site. Some of the old GE structures were retained in the development project.
Target, Home Depot, Best Buy, Famous Dave’s, Panera Bread, Applebee’s Grill + Bar, Ross Dress for Less and Ulta Beauty are among the merchants that are located in The Plant. Target owns its store site.
Milan Capital, based im the Orange County city of Orange, espouses a long-term view for the real estate properties that it owns.
“Our mission is to identify and acquire unique properties in strategic locations where, over a three-to-five year period, we can grow cash flow for the present and enhance value for the long term,” the company states on its website.
Milan Capital states that it attempts to bring about improvements for properties that it purchases. It wasn’t immediately clear what the specific game plan might be for The Plant.
“We focus our efforts on properties in need of leasing, renovation and stabilization measures,” Milan Capital states on its website.
