San Jose – The family that sold the downtown San Jose site where they operate a popular Asian supermarket has already found a location to open a new market, a favorite near the sprawling Eastridge Center site is.
The Hua family sold several parcels on July 16, where the existing Dai Thanh supermarket is located at and near 418 S. Second St. in San Jose, in a deal worth $17 million.
The downtown San Jose property will accommodate a larger residential project being planned by local developers Gary Dilbaugh and Jeff Arillaga.
According to documents filed July 19 with Santa Clara County officials, the Hua family purchased a property at 2040 Tully Road in San Jose, paying $6.8 million for the parcel.
The new property owners intend to revamp the interior and exterior of the Michaels store so that they can open a new Dai Thanh supermarket on the site, said David Taxin, a partner with Meacham/Oppenheimer, a commercial real estate firm.
Taxin arranged the purchase of the property, a 1.4-acre site that accommodates the Michaels Store, a total of 15,500 square feet.
The recently purchased parcel is at the busy intersection of Tully Road and Quimby Road.
“It’s a great location for an Asian market,” said Taxin. “It is opposite the million square feet Eastridge Mall. The traffic on Tuli is heavy, it is like an expressway. It has great reach and visibility. “
According to Taxin, the new Tully Road site will have significantly more parking than the current downtown location. The downtown site had about 25 to 30 parking spaces, while Tully’s new site would have 65 to 70 spaces.
“The downtown market has been around forever,” said Taxin. “They have huge numbers in terms of buyers.”
As a result, the prospect of a new Dai Thanh supermarket will be embraced by both present and future patrons.
“They will have a more central retail location,” Taxin said. “Their customers will follow and they’ll take in a lot of new customers.”