SAN JOSE, CA—Houston-based Weingarten Realty Investors has acquired Cambrian Park Plaza in San Jose, CA. The 170,000-square-foot in-fill shopping center serves the affluent cities of San Jose, Los Gatos, Campbell and Saratoga.
The company plans to redevelop the property over the next several years. The center's demographics boast 180,000 people within three miles, average household incomes of $117,000 and over 50% of the residents with a college degree.
The center has tremendous future redevelopment potential, the firm says. "The strong demographics and structure of existing leases provides us the opportunity to create meaningful shareholder value as we redevelop this property over the next several years,” says Drew Alexander, president and CEO.
He adds that “The in-fill nature of this location will allow our best-in-class team to create a unique shopping experience for the local community.”
This is the second acquisition the company has closed in 2015. WRI purchased Baybrook Gateway in Houston in January.
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