San Jose’s big El Paseo de Saratoga mall is bought by busy developer

SAN JOSE — One of San Jose’s most prominent retail malls, El
Paseo de Saratoga, has been bought by a venture headed by busy Bay
Area developer Peter Pau, in a major property deal to kick off
2019.

The shopping center, which despite its moniker is located in
southwest San Jose, is anchored by big-time names such as the AMC
Saratoga 14 theaters, supermarket giant Lucky and sporting goods
and outdoor gear giant REI. Smaller merchants include Peet’s
Coffee, Jamba Juice, Ulta Beauty and Red Robin restaurant.

“This is a long-term investment,” said Matt Larson, a
spokesman for Palo Alto-based Sand Hill Property, a development
company headed by Pau. “The shopping center is aging and needs
some improvements.”

Sand Hill Property paid $146.6 million for El Paseo de Saratoga,
according to Santa Clara County documents and city taxes reported
on the property deed. Sand Hill and Pau used an affiliate called El
Paseo Property Owner to accomplish the sale, the county records
show.

A survey of the mall by this news organization showed that while
Thomasville furniture has closed its doors at El Paseo de Saratoga,
other retailers have signs that signal they are about to launch
outlets at the center.

Among the incoming retailers with coming soon signs: Qwench
Juice Bar, Burgerim Gourmet Burgers and TruFusion, a yoga, Pilates,
boot camp and boxing endeavor.

Located near the corner of West Campbell and Saratoga avenues,
El Paseo de Saratoga totals roughly 300,000 square feet.

“It’s a pretty successful center,” said David Taxin, a
principal executive with Meacham Oppenheimer, a commercial realty
brokerage that specializes in retail and restaurant properties.
“It’s a safe, long-term investment.”

The merchant mix at the center bodes well for the complex, Taxin
said.

“Movie theaters are very good for shopping centers and so are
grocery stores,” Taxin said. “Plus you have some good food
choices and the Ulta beauty store.”

Source: FS – All – Real Estate News 1
San Jose’s big El Paseo de Saratoga mall is bought by busy developer