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San Jose retail hub has changed hands, with a local real estate investor snapping up the FoodMaxx property at Mt. Pleasant Shopping Center for $17.5 million. The acquisition brings Do Van Tron's Intelli group full ownership of the 132,600-square-foot complex, which boasts a prime location in east San Jose.

    Tron's affiliate purchased the site from Save Mart's real estate arm, cementing its position as the anchor tenant at Mt. Pleasant Shopping Center. With FoodMaxx occupying nearly half the space, Tron sees immense potential for growth and stability. "This is an excellent center," he said, highlighting the property's prime location.

    The acquisition marks Intelli's second major purchase in the area, following a $21.3 million deal in 2023 for most of the retail hub. The group secured a $32 million loan from CTBC Bank Corp. USA to refinance the entire complex. Industry experts hail Mt. Pleasant Shopping Center as a safe and stable investment, with David Taxin of Meacham Oppenheimer predicting a strong return on investment.

    FoodMaxx's lease, signed in 2020, runs until 2036 with options for three extensions of 15 years each and a fourth extension of nearly four more years. The supermarket chain is owned by Modesto-based Save Mart Cos., which has been expanding its presence in the Bay Area through strategic property sales.