Brixton Capital Acquires Monterey Plaza Retail Center In San Jose For $33M

Brixton Capital purchased the Monterey Plaza retail center, a 178,200-square-foot property located at 5502-5568 Monterey Road in San Jose, for a total of $33 million. The transaction took place on 20th December 2023 and the property is situated in the San Jose market.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $33,000,000
• Address: 5502-5568 Monterey Road
• Market: San Jose
• Buyer: Brixton Capital - Marc Brutten
• Seller: Kimco Realty Corp. - Conor Flynn
• Broker: Nicholas Bicardo - Newmark
• Lender: California Bank & Trust
• Square Footage: 178,200
• Price Per Square Foot: $185

The buyer, Brixton Capital, was represented by Marc Brutten. On the other hand, the seller, Kimco Realty Corp., was represented by Conor Flynn. Nicholas Bicardo from Newmark acted as the broker in this deal. Additionally, California Bank & Trust provided a loan of $23.5 million for the acquisition of the property.

It's worth noting that the Monterey Plaza retail center is currently 71 percent leased and was appraised at $57 million earlier this year.