In one of the biggest San Jose real estate transactions of the year, Jay Paul Company of San Francisco acquired CityView Plaza on July 23 for $283.5 million.
On Aug. 13, Jay Paul made its second downtown acquisition within a month, paying $46 million for the 120,000-square-foot JC Penney building at First and Santa Clara streets. Lift Partners, the former owner, had started a complete renovation of the building.
Equus Capital Partners, as BPG Properties, had owned the former Park Center Plaza since 2007, when it bought the center for $169.5 million.
In Equus’ 11 years of ownership, the center has grown from 67 percent to 85 percent occupancy. The 45,000 square feet of retail space includes several restaurants, three banks and Golden One Credit Union. Available office space can accommodate tenants needing 5,000 to 60,000 square feet. Office tenants include: Savioke, Silicon Valley Business Journal, SteinbergHart, Paul Mitchell School, Broadway San Jose, Wells Fargo Bank, Focus Business Bank, Heritage Bank of Commerce, Kimley and Horn and numerous accountants and legal firms.
The multi-block center fronts Market and San Fernando streets, Almaden Boulevard and Park Avenue and includes 138,000 square feet of outdoor plaza with seating and fountain, plus underground parking for more than 1,000 vehicles. Equus had also recently proposed adding a 264-unit residential tower at the corner of Almaden and Park on the former courthouse site.
Jay Paul Co., a privately owned real estate development firm, paid cash for both ventures.