Pacific Retail Partners and Silverpeak Real Estate Partners have purchased San Jose's Eastridge Mall, paying more than $200M in an off-market sale for the majority of the 1.4M SF center.
The partnership (backed by Goldman Sachs, which will be the majority owner) plans to invest $15M to update the center and has signed a lease with H&M for a 23k SF store. Seller General Growth Properties, which spent $140M to expand and renovate in 2007, sold about 842k SF of leasable space at the mall, according to the Silicon Valley Business Journal.
Anchors Sears and Macy's retained ownership of their mall properties. Pacific Retail will oversee operations, leasing and renovation. Eastridge is Silicon Valley's second-largest mall, falling behind Westfield's Valley Fair, scheduled for a $600M expansion. [SVBJ]
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