Vornado Realty Trust, a fully integrated equity real estate investment trust, announced this week that it had entered into an agreement to sell The Plant, a power strip shopping center in San Jose, CA, to Cole Credit Property Trust IV for $203 million. Vornado bought The Plant retail complex for an estimated $120 million to $150 million in 2010, according to public records and sources familiar with the commercial property market in the area.
"There are way more buyers than there are quality retail properties to buy," said David Taxin, a partner with Meacham/Oppenheimer, a commercial realty firm that specializes in the retail market, regarding the sale in a San Jose Mercury News article. "We are seeing multiple offers for any retail property that hits the market that is decent."
The 643,000 square foot retail property is at the northwest corner of Monterey Road and Curtner Avenue, with anchors that include Best Buy, Target and Toys 'R' Us. Since some of the retailers own their own space, Cole Credit Property Trust IV is buying only 510,000 square feet. The sale, which is subject to customary closing conditions, is expected to be completed by the second quarter of 2013.
For more news and information visit Blumberg Capital Partners.
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