San Jose, Calif. — A joint venture between Southern California-based BISON Partners and PCCP has received $29 million in financing for the acquisition of Bernal Plaza, a 139,559-square-foot open-air retail center in San Jose. Lucky Supermarket anchors Bernal Plaza, which was 94 percent leased at the time of sale. Other tenants at the property include Ross Dress for Less, Staples, American Barbell Clubs, Starbucks Coffee, McDonald’s, Shell and Nick the Greek. Built in 1999, Bernal Plaza spans roughly 16 acres.
Alex Olson, Todd Sugimoto, Lauren Sackler and Danny Ryan of JLL Capital Markets secured the floating-rate acquisition loan through Forbright Bank on behalf of the borrower. The joint venture acquired the center from San Jose-based Terracommercial Real Estate Corp., which had owned the property for 20 years, in an off-market transaction.