California Real Estate News: Eastridge Mall in San Jose Acquired by Pacific Retail Capital Partners and Silverpeak Real Estate Partners
The 1.4 million-square-foot Eastridge super-regional mall in San Jose was acquired by the partnership between Pacific Retail Capital Partners and Silverpeak Real Estate Partners for more than $200 million.
"Eastridge is an exceptional property that serves a large market. We will implement a strategy that will build upon GGP's past leasing efforts and will continue to improve on the property's retail and restaurant mix," said Steve Plenge, managing principal of operating partner Pacific Retail Capital Partners. "Concurrent with the acquisition, a lease was executed with H&M, a fashion retailer that is an ideal fit with the market that is comprised largely of young professionals and families."
According to their press release in Business Wire, the two-storey enclosed super-regional mall set on 113 acres in eastern San Jose has undergone an extensive $140 million expansion and renovation, which includes the addition of 15-screen AMC Theatres and comprehensive upgrades to property. In addition to the AMC Theatres, Eastridge also features a distinct mix of retail, restaurant, and entertainment destinations, such as Round 1 Bowling and Amusement, Barnes & Noble, JC Penney, Macy's, Sears, Forever 21, Tilly's, Bath & Body Works, Victoria's Secret, Chili's, Red Robin and Olive Garden. H&M is also expected to open in the mall by Fall of 2016.
"Adding H&M is part of a strategic leasing plan that will ensure that Eastridge meets the demands of the more than one quarter of a million potential customers that live within three miles," noted Constantine Tujios, senior vice president, Silverpeak Real Estate Partners. "To further enhance the center's guest experience and appeal as a destination, we also will be implementing a program of property improvements that will create an inviting and comfortable environment."
The acquisition of the Eastridge mall was done in an off-market transaction with General Growth Properties. Operations, leasing, and renovation of the property will be overseen by Pacific Retail, while leasing will be managed by BMW Realty Advisors.