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Plant Closes in on 90% Leased as Anchors Open

SAN JOSE, CA-The 55-acre, 646,000-sf center includes 10 anchors and 141,000-sf of specialty shops and restaurants.

By Brian K. Miller | Updated on May 14, 2008

SAN JOSE, CA- The Plant, a new 646,000-sf regional retail center here, is nearing 90% leased. Home Depot, the last of the project’s 10 anchors, opened for business in April, and several smaller retailers and eateries–FedEx Kinko’s, T-Mobile, Subway, Jamba Juice–have opened since then, a source close to the project tells GlobeSt.com.

The largest power center ever built in San Jose, the Plant includes approximately 500,000 sf of anchors and approximately 140,000 sf of specialty retail and dining options on 55 acres. Located at the corner of Curtner Avenue and Monterey Road, the center was built on the former General Electric Motor Plant property at a cost of approximately $142 million. The developer is a joint venture of retail specialist Westrust and equity partners Pacific Coast Capital Partners and Vornado Realty Trust.

“The center is 88% leased and there are 3 percent of active leases in the works,” the source tells GlobeSt.com. The asking lease rate for the remaining smaller spaces was not released by Westrust, but one local broker who placed some tenants in shop space there tells GlobeSt.com that the lease rate was in the range of $50 to $54 per sf.

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