Arc Capital Partners (“Arc”), a Los Angeles-based real estate investment firm, in partnership with Milan Capital Management (“Milan”), is pleased to announce the acquisition of The Plant, a premier super-regional retail center located in a vibrant neighborhood in San Jose. This acquisition represents a significant strategic investment in one of Silicon Valley's most dynamic and diverse communities.
The Plant, encompassing 367,000 square feet of retail space, is a cornerstone of the East San Jose area, offering a robust mix of top-tier tenants including Best Buy, Ulta Beauty and Ross Dress for Less and is shadow-anchored by Target and Home Depot. The center is ideally situated in proximity to major Silicon Valley employers such as Adobe Systems, Cisco Systems, PayPal, and San Jose State University, providing unparalleled access to a vast and growing consumer base. With advanced pre-leasing discussions underway to backfill key vacancies, the center is well-positioned for sustained long-term growth.
Neville Rhone, Co-Founder of Arc, commented, “We are excited to join forces with Milan to acquire The Plant, a property that is deeply embedded in a thriving community. The combination of a diverse tenant mix, prime location, and proximity to leading employers in the region positions The Plant for sustained success and continued growth.”
Chris Nichelson, President of Milan, added: “The Plant is an exceptional addition to our portfolio. Its strategic location in the heart of San Jose, coupled with a strong lineup of national retailers, makes it a vital retail destination for the surrounding community. We are eager to build upon the center’s existing strengths to attract best in class tenants who will revitalize the portions of the center that have been vacant for far too long.”
The San Jose submarket, known for its diversity and economic vitality, continues to attract residents and businesses alike, bolstered by the presence of major employers and access to key transportation corridors. The acquisition of The Plant underscores Arc’s and Milan’s commitment to investing in high-quality assets within dynamic urban markets.
About Arc Capital Partners
Arc Capital Partners is an institutional real estate owner and investment manager dedicated to redefining real estate in mixed-use environments. Founded in 2013 by principals with over $10 billion of transaction experience, Arc targets middle-market investments in high barrier-to-entry Sunbelt markets with strong demographic demand fundamentals. Arc is a diverse-owned firm that pursues preferred equity, joint venture, and direct investments with both compelling value-added/opportunistic returns and downside protection. For further information, please visit www.arccapitalpartners.com.
About Milan Capital Management
Milan Capital Management is a commercial real estate investment firm that owns, develops and manages properties primarily in dense infill markets in California. Founded on the twin pillars of value-oriented investing and proactive management, Milan has proven its expertise as an investor and operator since the early 1980s. The Principals of Milan have navigated through numerous real estate cycles and have successfully capitalized on opportunities in both rising and falling markets, delivering exceptional returns to its partners. To learn more, please visit www.milancap.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240828398134/en/
Contacts
For Arc Capital Partners information contact
Matt Pressberg, Vectis Strategies
mpressberg@vectisstrategies.com
