Chris Jiashu Xu's United Construction And Development Group Acquires Eastridge Center Mall In San Jose For $135M

A Houston investment firm led by Chris Jiashu Xu has purchased most of the 1.2 million-square-foot Eastridge Center mall in East San Jose for $135 million after the owner defaulted on a loan. The purchase, made by an affiliate of the firm with offices in Texas and New York, marks a substantial loss for the previous owner, GS Pacific ER, which had bought the core mall for about $177.7 million and later sold surrounding properties for $42.7 million.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $135,000,000
• Square Footage: 1,200,000
• Price Per Square Foot: $113
• Address: 2190, 2200 Eastridge Loop & 2010 Tully Road, San Jose
• Market: San Jose
• Buyer: Chris Jiashu Xu - United Construction and Development Group
• Seller: GS Pacific ER
• Lender: Bank of China

The buyer, Chris Jiashu Xu, leads a Houston investment firm called United Construction and Development Group. The firm, with offices in Texas and New York, made the purchase of the majority of the Eastridge Center mall in East San Jose. The previous owner, GS Pacific ER, faced a loan default and sold the property for $135 million, resulting in a significant loss compared to the original purchase price and subsequent sale of surrounding properties.