BISON Partners, a Southern California–based retail investment company investing with an institutional capital partner, purchased Bernal Plaza, a 139,559-square-foot grocery-anchored shopping center in San Jose, California, for $38,270,000. Kidder Mathews Senior Vice President Kirk Brummer and Vice President Eric Shain represented the buyer in the off-market transaction. BISON acquired the property from Terracommercial Real Estate Corporation, a family-owned development company headquartered in San Jose.
Located at 101-125 Bernal Road, Bernal Plaza was 94% leased at the time of sale and anchored by a high-performing Lucky supermarket, which was not part of the sale. The tenant roster includes Ross Dress for Less, Staples, American Barbell Clubs, Starbucks, McDonald’s, Shell, Nick the Greek, and other national and regional retailers. The property spans ±16 acres, and unlike many retail center sales, all the standalone pad buildings were included in the transaction.
For BISON Partners, the acquisition offers immediate value-add potential through the lease-up of remaining vacancies, including a former bank pad, and the opportunity to adjust below-market rents. The property’s strong demographics, proximity to major freeways, and adjacency to affluent residential neighborhoods further enhance its long-term positioning.
“Bernal Plaza offered our client the chance to acquire a rare combination of scale, stability, and upside,” said Brummer. “With a strong tenant mix and multiple paths to increasing net operating income, it’s the kind of retail center that doesn’t come to market often in an affluent trade area like this one in San Jose.”
About Kidder Mathews
Kidder Mathews is the largest fully independent commercial real estate firm in the Western U.S., with over 900 professionals in 20 offices across Washington, Oregon, California, Idaho, Nevada, and Arizona. We offer a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. Kidder Mathews averages $9 billion in transaction volume, manages more than 53 million square feet of space, and conducts 2,400 appraisal, consulting, and cost segregation assignments annually. For more information, visit kidder.com.
