SAN JOSE — A shopping center in an affluent section of San Jose has been bought by a real estate firm that hungers for complexes featuring “necessity-based” tenants that have become popular in the COVID era.
Canyon Creek Plaza in southeast San Jose’s Evergreen Valley district was purchased for $27.9 million by Retail Opportunity Investments Corp., documents filed on Sept. 3 with the Santa Clara County Recorder’s Office show.
San Diego-based Retail Opportunity Investments says its mission statement is to buy community and neighborhood centers anchored by “necessity-based tenants” such as “national or regional supermarkets and drugstores,” according to the real estate firm’s website.
Canyon Creek Plaza, which totals about 65,000 square feet, appears to fit that bill since it’s anchored by a grocery store.
New Seasons Market, part of a family-owned chain that boasts it’s “the friendliest store in town,” is the anchor of the just-bought shopping center, whose addresses range from 5601 through 5687 Silver Creek Valley Road in San Jose.
Other tenants of note include Mexico Lindo restaurant, Comerica Bank and Orangetheory Fitness, according to a marketing brochure circulated by Retail Opportunity Investments.
“The Evergreen Valley and Silver Creek neighborhood is an enclave of high-income households and beautiful homes in both planned and gated communities,” Retail Opportunity stated on its website. The new owner described Canyon Creek Plaza as a “unique Silicon Valley property.”
