San Tomas Sells After a 43-Year Hold

CAMPBELL, CA—The San Tomas Plaza Shopping Center has been owned by the same partnership since 1972, providing an attractive value-add opportunity. The shopping center has been recently acquired by Admiral Capital Group and Bay West Development. The 119,826-square-foot property represents Admiral’s second investment in the Bay Area and its first joint venture with Bay West. The acquisition is the first investment for the newly formed Admiral Capital Real Estate Fund II.

Dan Bassichis, co-founder of Admiral, tells GlobeSt.com: “It is rare to find an opportunity to reposition such a well-located retail property with strong daily traffic counts in a submarket that has very strong demand with minimal current vacancy. The region’s demographics have improved dramatically in recent years with the rapid growth of technology companies and there is a clear need for higher quality retail in the immediate area. We are very attracted to opportunities to acquire properties at a deep discount to replacement cost that require a significant repositioning. This fits in perfectly with the overall value-add strategy of our newly formed Admiral Capital Real Estate Fund II. We had great success recently with the repositioning and sale of an office building in Santa Clara and we continue to believe in the strengthening demand in the Bay Area.”