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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.
- ◦Sale/Acquisition
