SAN JOSE — A big chunk of a retail center in San Jose has been bought in a deal that suggests investors still hunger for South Bay real estate despite economic uncertainties that the coronavirus unleashed.
A portion of Edenvale Shopping Center on Monterey Road in south San Jose has been bought by a group linked to Burlingame-based business executive Marc Korody, according to documents filed on Nov. 21 with the Santa Clara County Recorder’s Office.
A 2.2-acre section of the shopping center was bought for $11.1 million, the county records show.
The just-bought property has addresses ranging from 5302 through 5320 Monterey Highway in San Jose, according to public real estate documents.
It’s possible that the property could be redeveloped as a housing or mixed-use project at some point, according to David Taxin, a partner with Meacham/Oppenheimer, a commercial real estate firm.
Taxin noted that this section of Monterey Road is dotted with a hodgepodge of zoning designations.
Among the merchants in the retail section that was purchased: Mercado California, a grocery store; Number One Cleaner dry cleaners; Trine’s Cafe, a restaurant; My Cellular Plus cell phone store; Lauderland laundromat; Birrieria El Primo restaurant; and Delizias Bakery.
Notable enterprises whose properties were not bought and not included in the transaction: Christ the King Catholic church, AutoZone auto parts store and Taco Mania restaurant.
“San Jose shopping centers are always in demand,” Taxin said. “There’s always a lack of them on the market no matter what the economy is like.”
Source:: The Mercury News – Entertainment