The Plant retail and restaurant center in San Jose lands big buyer

Map showing 'ThePlant,' a high-profile San Jose retail and restaurant center. It has been purchased by a real estate firm.SAN JOSE — A high-profile San Jose retail and restaurant center has been bought by a real estate firm in a deal that shows big investors still hunger for physical stores in the wake of the coronavirus pandemic.

The Plant, located near downtown San Jose at the corner of Curtner Avenue and Monterey Road, has been bought by The Necessity Retail REIT. The real estate firm bought the South Bay retail complex as part of a $1.3 billion purchase of a package of commercial properties.

Necessity Retail paid $175 million for The Plant, the real estate firm said Tuesday.

“The Plant is a highly desirable asset in the portfolio of open-air shopping centers we have acquired in 2022,” Michael Weil, chief executive officer of Necessity Retail, said in a prepared release.

Section of one of the buildings in The Plant retail and restaurant complex, located at 1 Curtner Ave. in San Jose. (Google Maps)
Section of one of the buildings in The Plant retail and restaurant complex, located at 1 Curtner Ave. in San Jose. (Google Maps)

Located at 1 Curtner Ave., The Plant totals 650,500 square feet, according to a leasing brochure circulated by brokers James Chung and Marisa Delgado with The Econic Co., a commercial real estate firm that is seeking tenants for the complex.

“I’m bullish on the opportunities for a center like this, said Chung, founder and principal executive with Econic Co.

The Plant was built through the redevelopment of a long-time General Electric factory at the site. Some of the old GE structures were retained in the development project.

“There is a lot of tenant interest in The Plant,” Chung said. “This is a great asset.”

The Plant Bistro restaurant recently signed a lease for one space, Chung said. Restaurants are negotiating leases for two more spaces in The Plant.

“The Plant has a great location,” said David Taxin, a partner with Meacham Oppenheimer, a commercial real estate firm. “With a new owner, it’s going to be all about getting the vacancies leased up.”

The Plant retail and restaurant center in San Jose lands big buyer