SAN JOSE, CA-Blake Hunt Ventures has sold Plaza de San Jose, a retail center that it developed here with equity partner Pacific Coast Capital Partners. The two-year-old center is shadow-anchored by Target and 95% occupied. Tenants include Walgreens, Starbucks, Wells Fargo and Famsa, a Mexico-based home furnishings and electronics retailer.

The name of the new owner, an individual from Los Angeles, is not being released by the parties involved and was not otherwise available on Friday. A source with the listing brokerage firm, Faris Lee Investments, tells the new owner was completing a 1031 exchange and plans to add value by developing an out parcel with a 7,200-sf retail building. The center sold at a 5.3% cap rate on actual income. The price per sf was $550. CB Richard Ellis represented the buyer.

Visible from both Interstate 680 and Highway 101, the center is located on the northeast corner of Story and South King roads within a largely Hispanic community that boasts an average annual household income of more than $87,000. In addition to Famsa, which is the Mexico-based chain’s first Northern California store, other stores in the center catering specifically to Hispanics include Calzado Andrea (shoes), Ritmo Latino (music) and El Gallo Giro (restaurant).

“Because Plaza de San Jose caters to the surrounding Hispanic community, the seller believed that a buyer would most likely come from Southern California,” says Richard Walter of Faris Lee. “…investors in that particular region are more familiar with the Hispanic markets and have seen firsthand their success and high profit potential.”

Meant to revitalize the area’s commercial center, Plaza de San Jose was a joint venture with the San Jose Redevelopment Agency. The $73.5-million project included $39 million from the SJRA and $34.5 million from Blake Hunt.

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