Loan Makes San Jose Retail Center Sprout
- Oct 14, 2015
A new retail property is ready to rise in San Jose, now that Dollinger Properties has construction financing in hand for its Sprouts @ Brokaw project. The company recently obtained a $48.5 million senior loan arranged by PCCP for the 143,000-square-foot center. With work immediately starting at the site of the new retail center, completion is planned for next summer.
Taking shape at the intersection of East Brokaw and Oakland Road, the property gets its name from its anchor tenant: Sprouts Farmers Market, which will open a 30,000-square-foot store at the new center.
According to Damon Scholl, vice president of development and acquisitions for Dollinger, the company is “setting new market rents and anticipate that the center will not only be fully leased prior to completion of construction, but could be 100 percent leased by end of first quarter 2016.”
Dollinger is betting on the center’s location in a market that is experiencing population growth and increased development. The company also developed the 96,299-square-foot Brokaw Commons center located just across the street.