SAN JOSE — A FoodMaxx store property in San Jose has been bought by a local real estate investor for more than $15 million, a deal that shows investors still hunger for grocery store sites despite a woozy retail sector.
The FoodMaxx, located at 3002 Story Road in east San Jose, was bought for $17.5 million, according to documents filed on Feb. 4 with the Santa Clara County Recorder’s Office.
Intelli, a business group headed up by Do Van Tron, a San Jose-based business executive and real estate investor, bought the FoodMaxx property, which totals 44,900 square feet.
With the acquisition of the FoodMaxx store, Tron’s group now owns the entire retail complex that FoodMaxx anchors. The center totals 132,600 square feet and is at the corner of Story Road and South White Road.
“It’s an excellent center,” Tron said. “It’s in a prime location.”
In 2023, Tron’s Intelli affiliate paid $21.3 million for most of the retail hub, known as Mt. Pleasant Shopping Center.
“Mt. Pleasant Shopping Center is conveniently located in a dense residential neighborhood,” stated a post on the PropertyShark commercial real estate listing website. “It is anchored by a large, high-revenue grocery, FoodMaxx.”
Modesto-based Save Mart Cos. owns FoodMaxx, along with the supermarket chain’s other brands, Lucky and Save Mart.
A real estate affiliate controlled by Save Mart sold the FoodMaxx property to Tron’s group, the county documents show. FoodMaxx is a long-term tenant of the shopping center.
In 2020, FoodMaxx signed a lease with the affiliate of its parent company that expires in 2036 according to the county real estate records. The FoodMaxx lease has options for three extensions of 15 years each and a fourth extension for nearly four more years.
A few days ago, Save Mart sold one of its store properties at a different San Jose site.
On Jan. 28, a Lucky Store property at 2027 Camden Ave. in San Jose was bought by a real estate firm that’s part of a family of companies linked to a Canadian business magnate and tycoon. The Canada-based group paid $24.3 million for the Lucky site.
The Mt. Pleasant Shopping Center on Story Road that Tron has just bought also has a CVS drug store and pharmacy that totals 22,400 square feet as one of its anchors.
At the time of the property purchase, Tron’s group obtained $32 million to refinance the entire Mt. Pleasant Shopping Center, county documents show. CTBC Bank Corp. USA provided the loan.
“This is an awesome site,” said David Taxin, partner with Meacham Oppenheimer, a San Jose-based commercial real estate firm. “This is a very safe and stable property and will provide a good return for Tron.”