Brixton Capital, a privately owned real estate investment company, has recently completed the acquisition of Monterey Plaza in San Jose. The 178,204-square-foot shopping center was purchased from a joint venture between Kimco Realty and Prudential Global Investment Management for an undisclosed amount (reported by Mercury News as $33 million). Nicholas Bicardo of Newmark Group represented Kimco while Brixton Capital represented itself.
According to Dan Sutherland, managing director of investments at Brixton Capital, this acquisition aligns with their firm’s value-add strategy to improve shopping centers and benefit the local community. With only 71% occupancy currently at Monterey Plaza, there is significant potential for lease-up opportunities and enhancing the retail experience for residents through new operators.
As part of their plans for the open-air grocery-anchored center, Brixton intends to re-tenant a former Walmart space and revitalize the property with updated exterior aesthetics and landscaping. This latest addition further solidifies Brixton’s commitment to growing its retail portfolio through strategic acquisitions that align with its vision.
