SAN JOSE – The Plant, a well-known retail and restaurant destination in San Jose, has been purchased for more than $90 million. The deal shows that despite the current difficulties, investors still have a strong appetite for commercial space in the Bay Area.
Milan Capital Management, through an affiliated company, purchased the plant for $95 million, according to documents filed Aug. 27 with the Santa Clara County Registry of Deeds.
The Plant, located south of downtown San Jose at the corner of Curtner Avenue and Monterey Road, is a well-known shopping center that is home to numerous well-known shops and restaurants.
Necessity Retail REIT bought The Plant just two years ago in 2022, paying nearly $175 million for the mall.
According to real estate brochures, the plant is located at 1 Curtner Avenue and has a total area of 650,500 square meters.
The plant was built by converting a long-standing 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 retailers located at The Plant. Target owns the store site.
Milan Capital, based in the city of Orange County, Orange County, takes a long-term view on the properties it owns.
“Our mission is to identify and acquire unique properties in strategic locations where we can increase immediate cash flow and increase long-term value over a three to five year period,” the company says on its website.
Milan Capital says it is trying to make improvements to the properties it buys. It was not immediately clear what the specific plan might be for The Plant.
“We focus our efforts on properties that need to be rented out and require renovation and stabilization measures,” says Milan Capital on its website.
