SAN JOSE — A retail middle in east San Jose’s Little Saigon district has been purchased — for the second time in a yr — by a Bay Space-based funding group.
Little Saigon Plaza, a retail, grocery store and restaurant middle on Story Highway close to McLaughlin Avenue and U.S. Freeway 101, has been purchased for $11.6 million, in keeping with paperwork filed on Dec. 5 with the Santa Clara County Recorder’s Workplace.
The deal factors to rising values for the sort of industrial property in Silicon Valley, this information group’s assessment of property data within the latest and former transactions for the retail middle, which has addresses starting from 1150 via 1210 Story Highway.
The customer was a gaggle led by the members of the Millbrae-based Pov & Could Tov Household Basis, in keeping with county and state public data.
Intelli, an affiliate headed up by Do Van Tron, a San Jose-based enterprise and actual property govt, bought the retail middle to the Tov Household group, the property paperwork present.
In December 2021, slightly below a yr in the past, the Intelli group purchased the middle for about $9 million.
That means the worth of the middle has jumped roughly 28.9% in a few yr.
The grocery store-anchored middle’s tenants embody Sieu Thi Story (Story Grocery store), Banh Mi Oven, Busy Cuts, Dong Phuong Tofu, Viet Air Cargo, Com Tam Thanh and U Choose Chelious Fusion Meals, in keeping with a advertising and marketing brochure for the middle that was circulated by Helm Properties.
The just-bought middle is close to Grand Century Mall and Vietnam City, that are giant and common retail and restaurant facilities in Little Saigon.
On the time of the acquisition, the shopping for group that’s headed up by the Tov Members of the family obtained a mortgage of $6.2 million from Avidbank, the county paperwork present.