SAN JOSE, CALIF. — Atlanta Capital Partners has brokered the sale of The Plant, a regional power center in San Jose. Milan Capital Management, along with Arc Capital Partners, acquired the asset from an undisclosed seller for $95 million.
Target, The Home Depot, Best Buy, PetSmart, Ross Dress of Less and Ulta Beauty are tenants at the 367,000-square-foot retail property, which was 65 percent occupied at the time of sale.
Justin Smith, Chris Peterson, Sam Koonce and Danielle Donovan of Atlantic Capital Partners represented the seller and secured the buyer in the deal. Will Bryson of Atlantic Capital Partners was handling leasing of the property for the seller.
Stephen Joseph, also of Atlantic Capital Partners, arranged a $71.2 million bridge loan on behalf of the buyers to facilitate the acquisition. The loan was placed with Bayview Asset Management.