JLL arranges JV equity for the $95m acquisition of San Jose shopping center

JLL Capital Markets announced that it has arranged joint venture equity for $95 million acquisition of The Plant, a 367,896-square-foot regional power center in San Jose.

JLL worked on behalf of the operator, Milan Capital Management, to arrange the equity investment through Arc Capital Partners, a middle-market institutional investor. Proceeds were used to acquire The Plant in a $95 million transaction.

Spanning 35.52 acres, The Plant was completed in 2008. With a current occupancy rate of 64.1 percent, the center boasts anchor tenants Best Buy, Ross, PetSmart, Ulta and Off Broadway, along with Starbucks, IHop, McDonald’s, Panda Express, El Pollo Loco, Chase Bank and Five Guys. The Plant benefits from two shadow anchors, Target and Home Depot, which attract substantial foot traffic.

Located at 1 Curtner Ave., The Plant is at the intersection of Cutner Avenue and Monterrey Road, which see 38,700 and 31,400 vehicles per day, respectively. With its location ne