Brixton Capital Acquires 178,204-SF Shopping Center in San Jose
Brixton Captures Exceptional Community-enhancing Opportunity with its Latest Grocery-Anchored Acquisition in California
Brixton Capital, a privately held real estate investment firm, has acquired Monterey Plaza, a 178,204-square-foot shopping center in San Jose, Calif., from a Kimco Realty joint venture with Prudential Global Investment Management for an undisclosed amount.
The open-air, grocery-anchored shopping center in southeast San Jose is located at the intersection of Monterey and Blossom Hill roads, just off Highway 101. Existing tenants include FoodMaxx, City Sports Club (an LA Fitness affiliate), Dollar Tree, McDonald’s and Taco Bell as well as other community-serving restaurants, retailers, entertainment companies and medical-service providers.
“Adding Monterey Plaza to our retail portfolio serves as a testament to our firm’s commitment to our value-add strategy aimed at enhancing shopping centers to better serve the surrounding community,” said Brixton Capital’s Managing Director of Investments Dan Sutherland. “With the center’s current 71% occupancy rate, there are significant opportunities for our team to drive value through lease up of vacant space and improve the shopping experience for local residents with new retail operators.”
As part of Brixton’s vision for Monterey Plaza, the firm plans to re-tenant a former Walmart storefront and a complete revitalization of the shopping center, including new exterior aesthetics and landscaping.
Nicholas Bicardo of Newmark Group, Inc. represented the New York-based seller in the transaction, while Brixton Capital represented itself.