2/5/2008

Grubb & Ellis orchestrates $43.9M sale of San Jose retail property

by
San Jose, Calif.-based Lap Tang Development Co. has purchased Serra Center, a 16.4-acre retail center in the San Jose suburb of Milpitas for $43.9 million from Donovan Trust.

Lap Tang was represented by Brian Phumg of AMB Commercial while Michael Federle, Nicholas Bicardo and Colin Federle of Grubb & Ellis handled the negotiations for Donovan Trust.

Serra Center is located at 200 Serra Way and is currently occupied by Days Inn, Walgreen's, Chili's, Travelodge and Big Lots. Lap Tang plans to level a portion of the center and redevelop it into a mixed-use property contains 375 condos and 135,000 square feet of retail shops.

Milpitas is located roughly seven miles north of San Jose and has a population of 62,698.

Address: 200 Serra Way, Milpitas, Calif.

Size: 16.4 acres

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Filed Under: Retail

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