Reinsurance Group of America Provides $21M Refi for San Jose Retail Center

The 143,000-SF shopping center is anchored by Safeway and 100% occupied

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San Francisco-based developer Brothers International Holding Corporation has secured $20.5 million to refinance a three-building, 143,000-square-foot retail center anchored by a Safeway supermarket in San Jose, Calif. 

Reinsurance Group of America (RGA), a publicly traded insurance company with $85 billion in assets, provided the 10-year, fixed-rate loan. A JLL Capital Markets team of Bruce Ganong, Lillian Roos and Matthew Mingrone arranged the financing on behalf of the borrower.

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Located at 4750 Almaden Expressway in the neighborhood of Robertsville, the property, known as the Almaden Safeway Center, is adjacent to State Route 85 and a short distance from Downtown San Jose and Los Gatos. At least 500,000 residents live within five miles of the center. 

Spread over three buildings and sitting on nearly 12 acres of land, the Almaden Safeway Center is 100 percent occupied and features approximately 143,452 square feet of rentable space. The property features a Safeway grocery store, McDonald’s, T-Mobile and Savers. Six additional shopping centers surround the property and include tenants such as Bass Pro Shops, Whole Foods, Walmart and Best Buy.  

The Almaden Safeway Center was built in 1988 and features 80 parking spaces.  

Officials at Reinsurance Group and Brothers International did not respond to requests for comment. 

Brian Pascus can be reached at bpascus@commercialobserver.com