Necessity Retail REIT Acquires San Jose Shopping Center
The Necessity Retail REIT (RTL) has announced the closing of a $175 million open-air shopping center in San Jose, CA. The acquisition is the sixth tranche from the previously announced agreement to purchase a portfolio of 81 Power, Anchored and Grocery Centers from CIM Real Estate Finance Trust for $1.3 billion.
Named The Plant, the 509,000 square foot center represents the 80th of the 81 properties to be acquired by RTL. The Plant is located on Curtner Avenue, between the Guadalupe Freeway (State Highway 87) and Monterey Road and is comprised of big-name tenants such as Home Depot, Target and Best Buy.
“The Plant is a highly desirable asset in the portfolio of open-air shopping centers we have acquired in 2022,” said RTL’s CEO Michael Weil in a news release. “We are excited to add The Plant to our portfolio and to now have completed over 90% of the CIM acquisition, based on purchase price.”