Quincy Allen And Neville Rhone Jr Acquire Retail Center In San Jose For $95 Million

The Plant is a retail center located at 1 Curtner Avenue in San Jose, comprising 367,000 square feet of space. It was sold for $95 million, demonstrating a decrease from its previous sale price of $175 million in 2022. The property sits on 45 acres and is currently undergoing preleasing efforts to address existing vacancies, while major anchors include Best Buy and Target.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $95,000,000
• Square Footage: 367,000
• Address: 1 Curtner Avenue
• Market: San Jose
• PPSF: $259
• Buyer: Quincy Allen & Neville Rhone, Jr. - Arc Capital Partners; Chris Nichelson - Milan Capital Management
• Seller: The Necessity Retail REIT
• Lender: Oceanview Life
• Loan Amount: $71.8 million

Quincy Allen and Neville Rhone, Jr. represented Arc Capital Partners, while Chris Nichelson represented Milan Capital Management in the acquisition of The Plant. This transaction illustrates the ongoing interest in retail assets within the San Jose market.