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California  + Bay Area  + Retail  | 

San Jose’s Eastridge Center Trades for $135M

Eastridge Center in San Jose, one of the Bay Area’s best-known shopping and restaurant centers, has sold to a Texas-based buyer for $135 million, the Mercury News reported. A real estate group led by Jiashu Xu, acting through an affiliate, bought the shopping center at 2200 Eastridge Loop, securing $98 million in financing from Bank of China Los Angeles Branch.

The purchase includes the vast majority of the mall at 2190 and 2200 Eastridge Loop, a parcel that consists of all of the stores in the main section of the regional center. The buyer also gained ownership of smaller properties adjacent to or near Eastridge Center, including a parcel at 2010 Tully Rd.

The mall’s seller was an affiliate operating as GS Pacific ER. Silver Eagle Capital Partners and Pacific Retail Capital Partners control the affiliate, which paid $225 million for Eastridge Center in 2016.

Over the years following its purchase, GS Pacific sold off seven parcels next to the mall that were part of the original purchase, for a cumulative $42.7 million, and later completed a major renovation of the 1.4-million-square-foot center.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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