News
PRIME TIME FOR RETAIL
March 7, 2012
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| We used the Bisnow helicopter to get a look at this 30-acre site at Cottle Road and Highway 85 in San Jose. Hunter Storm Properties and El Segundo-based PCCP LLC bought the infill land parcel to develop a 320k SF retail development called Village Oaks. One of the things that appealed most to the JV: there’s tenant demand today “without relying on future rooftops.” (In case there’s any doubt, the partners sold off five acres that are entitled for 220 multifamily units.) Household incomes in the trade area average more than $95k/year, and some 3,000 employees work near the Village Oaks site. If that’s not enough, the whole area has been zoned as a TOD by dint of the proximity of CalTrain. The project is slated to get under way in Q4. |
