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Target Is Fourth Anchor at 'the Plant'

SAN JOSE, CA-The national retailer buys land and breaks ground for a 138,000-sf store within a 646,000-sf retail center that is replacing a former General Electric Motor Plant here.

By Brian K. Miller | Updated on January 23, 2007

(For more retail coverage, click GlobeSt.com/RETAIL.)

SAN JOSE, CA-Target is the fourth anchor to commit to the Plant, a 646,000-sf retail center on 55 acres here that is replacing a former General Electric Motor Plant. The national retail acquired a 10-acre parcel over the holidays and earlier this month broke ground for a 138,000-sf store. The store along with the rest of the center is slated to open in the third quarter of this year.

The developer is a joint venture of Westrust, Pacific Coast Capital Partners and Vornado Realty Trust. The three other anchors, all on ground leases, are Home Depot, Best Buy, and PetSmart. Westrust’s director of leasing Sean Whiskeman tells GlobeSt.com that five additional anchor tenants have signed LOIs and two other deals, including one junior anchor, are in the works. The total development cost–not including land sold or ground leases–is approximately $140 million, a Westrust source tells GlobeSt.com.

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