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San Jose Power Center Fetches $95M in Repositioning Play
Atlantic Capital Partners arranged the sale of The Plant, a 367,000-square-foot regional power center located in San Jose. A partnership of Arc Capital Partners and Milan Capital Management paid $95 million for the property, currently 65% occupied. The Necessity Retail REIT acquired the center at 1 Curtner Ave. in 2022 as part of a $1.3-billion portfolio, according to published reports.
An Atlantic team of Justin Smith, Chris Peterson, Sam Koonce and Danielle Donovan represented the seller and secured the buyer. Stephen Joseph, who oversees the debt origination platform of Atlantic Capital Partners, arranged long-term financing.
Anchored by Target, Home Depot, Best Buy, PetSmart, Ross and Ulta, The Plant features a diverse mix of both national and regional operators. Chris Nichelson, president of Milan, said, “We are eager to build upon the center’s existing strengths to attract best-in-class tenants who will revitalize the portions of the center that have been vacant for far too long.”
- ◦Sale/Acquisition
