SAN JOSE — The Plant, a premier shopping and dining center in San Jose, has been purchased for more than $90 million in a deal that shows investors are still hungry for retail sites in the Bay Area despite its current struggles.
Milan Capital Management, acting through an affiliate, bought the plant for $95 million, according to documents filed Aug. 27 with the Santa Clara County clerk’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 is home to many popular stores and restaurants.
Necessity Retail REIT purchased The Plant just two years ago, in 2022, paying just under $175 million for the mall.
Located at 1 Curtner Ave., the plant totals 650,500 square feet, according to real estate brochures.
The plant was built through the redevelopment of a former General Electric plant on the site. Some of the old GE structures were retained as part of 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 its retail site.
Orange County-based Milan Capital takes a long-term view of the real estate it owns.
“Our mission is to identify and acquire unique properties in strategic locations where, over a three- to five-year period, we can increase cash flow in the present and enhance long-term value,” the company says on its website.
Milan Capital says it is working to make improvements to the properties it buys. It is not yet clear what the specific action plan will be for The Plant.
“We focus our efforts on properties requiring rental, renovation and stabilization measures,” Milan Capital says on its website.
