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Terramar Buys 341,000-SF Retail Center for $115M

SAN JOSE, CA-The property was completely redeveloped and re-tenanted in 1997 by the seller.

By Brian K. Miller | Updated on October 06, 2008

SAN JOSE, CA-El Paseo de Saratoga, a 341,000-sf open-air retail development here has changed hands for $115 million, a source familiar with the transaction tells GlobeSt.com. Terramar Retail Centers LLC of Carlsbad, CA, acquired the development from Sunrise Penguin Saratoga LP, an entity of Chicago-based Pritzker Realty Group LP that completed a repositioning of the property in 1997.

Located at the intersection of Saratoga Avenue, Campbell Avenue and Quito Road, El Paseo de Saratoga is anchored by a 62,190-sf Lucky supermarket, a 45,000-sf REI and a 14-screen AMC theatre, as well as Petco and Office Max. The company did not immediately respond to a request for the current occupancy and lease rates.

“El Paseo is a high-quality center in a strong trade area with a solid track record of sales growth, high occupancy and increasing market rents,” said Terramar President and CEO Steve Bowers in a prepared statement.

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