SAN JOSE, CA—The Plant shopping center has been sold to a division of Cole Real Estate Investments for $205 million. The seller is WPV San Jose LLC, an entity of Vornado Realty Trust, according to the Silicon Valley Business Journal, which citied an SEC filing.
The massive retail development is at Curtner Avenue and Monterey Road in San Jose and weighs in at 650,500 square feet, one of the largest in the region. It occupies a 55-acre former brownfield site that used to be a General Electric plant. Because some retailers own their space, Cole Credit Property Trust IV is buying 510,000 square feet.
Retailers at the plant include big-box stores like Target, The Home Depot, Best Buy, Ross, and others. In 2010, the center was valued at about $150 million.
Vornado acquired full ownership in 2010 by purchasing 70 percent of of the center from its equity partners, Westrust Ventures LLC and Pacific Coast Equity Partners.
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