Joint venture partners Pacific Retail Growth Partners and Silverpeak Real Estate Partners acquired the Eastridge Mall in San Jose, CA, from General Growth Properties, Inc. in an off-market transaction for more than $200 million.
The two-story, enclosed 1.48 million-square-foot regional mall is set on 113 acres in eastern San Jose bounded by Tully Road, East Capitol Expressway and Quimby Road with its main building located at 2200 Eastridge Loop. The mall has more than 150 shops, restaurants and entertainment venues.
Pacific Retail Capital Partners and Silverpeak Real Estate plan to invest about $15 million to renovate the two-story, enclosed mall set on 113 acres. GGP completed a $140 million expansion and renovation of the mall in 2007, including the addition of an AMC Theatre cinema complex.
The buyers also announced that H&M, a fashion retailer, signed a lease and is expected to open at the mall next fall. Pacific Retail will oversee the operations, leasing and renovation activities at Eastridge. BMW Realty Advisors, led by co-founder and principal Bob Baker, will handle leasing.
Eastridge Mall is the second recent acquisition for Pacific Retail. In October 2015, Pacific acquired the 458,971-square-foot Paseo Nuevo open air center on State St. in Santa Barbara, CA. Pacific Retail seeks to identify under-performing retail properties in select markets for repositioning.