San Jose retail center deal signals interest in South Bay

"SAN JOSE Bernal Plaza, a San Jose shopping center featuring stores such as Staples and Ross, has been bought by a Southern California investor in what experts say signals robust interest in South Bay retail sites. Bison Partners paid $38.3 million for the retail hub, according to documents filed on Sept. 5 with the Santa Clara County Recorder's Office. The Lucky Stores supermarket site, owned by Lucky, wasn't part of the property purchase."

"This shopping center has always done very well. Trusts headed up by the Facchino and LaBarbera families of San Jose sold the shopping center, county and state public documents show. It was just kind of time to sell the center, said Bobby Facchino, a broker with Meacham Oppenheimer. It is bittersweet. The Facchino and LaBarbera groups had owned the center since 1999, he added."

"Bernal Plaza's shopper demographics include a relatively high average income level of $191,500 within a 5-mile radius of the center, according to Meacham Oppenheimer. The Santa Clara County area median income is $195,200. The numbers are based on a four-person household. Bernal Plaza hasn't lost any major tenants since COVID, which really speaks to the strength of the center, Taxin said."

Bison Partners purchased Bernal Plaza in San Jose for $38.3 million, with closing documents filed on Sept. 5. The Lucky Stores supermarket parcel was not included in the sale. Trusts led by the Facchino and LaBarbera families sold the center after owning it since 1999. Bernal Plaza shows strong shopper demographics, with a five-mile average household income of about $191,500. The center retained major tenants through COVID, though a Chase Bank space is vacant and new ownership is seeking a food user while a hardware retailer is eyeing another space. Regional retail metrics showed weakening in Q2.

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