Atlantic Capital Partners successfully facilitated the sale of The Plant, a large regional shopping center spanning 367,000 square feet in San Jose. The property was acquired by Arc Capital Partners and Milan Capital Management for $95 million and is currently 65% occupied. According to reports, this center was part of a larger portfolio worth $1.3 billion that was purchased by Necessity Retail REIT in 2022.
The seller was represented by an experienced team from Atlantic including Justin Smith, Chris Peterson, Sam Koonce and Danielle Donovan who also secured the buyer for the transaction. Additionally, Stephen Joseph from Atlantic’s debt origination platform arranged long-term financing for the deal.
Featuring popular retailers such as Target, Home Depot,Best Buy,PetSmart,Ross,and Ulta,the anchor tenants at The Plant provide a diverse mix of both national and regional brands. Milan’s president Chris Nichelson expressed excitement about their plans to attract top-tier tenants who will revitalize areas of the center that have been vacant for too long.
In summary,Arc Capital Partners’ acquisition marks an important repositioning play for this prime San Jose power center which has great potential with its strong tenant mix.The successful sale reflects Atlantic’s expertise in facilitating complex commercial real estate transactions like these.
