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Sand Hill Property pays $147M for San Jose, Calif., shopping center

Sand Hill Property acquired the El Paseo de Saratoga shopping center in San Jose, Calif., from Terramar Retail Centers for $146.6 million, The Mercury News reported, citing Santa Clara County documents and city taxes reported on the property deed.

The 300,000-square-foot retail mall is anchored by tenants including the AMC Saratoga 14 theaters, supermarket giant Lucky and sporting goods and outdoor gear giant REI.

It also counts Peet's Coffee, Jamba Juice, Ulta Beauty and a Red Robin restaurant among its tenants, with Qwench Juice Bar, Burgerim Gourmet Burgers and TruFusion slated to join soon.

Under the deal terms, Sand Hill agreed to assume an existing mortgage on the property from Metropolitan Life Insurance that had a principal balance of $58 million, as of Dec. 31, 2018.