SAN JOSE >> A FoodMaxx property at Mount Pleasant Shopping Center in San Jose was purchased by a local real estate investor for more than $15 million, county documents show.

Intelli, a business group headed by Do Van Tron, bought the FoodMaxx site for $17.5 million, according to documents filed on Tuesday with the Santa Clara County recorder’s office. Located at 3002 Story Road in east San Jose, the building totals 44,900 square feet.

A real estate affiliate controlled by Save Mart sold the FoodMaxx property to Tron’s group, county documents show. FoodMaxx is a long-term tenant of Mount Pleasant Shopping Center, which totals 132,600 square feet and is at the corner of Story Road and South White Road.

With the acquisition, Tron’s group now owns the entire retail complex that FoodMaxx anchors.

“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, which also includes a CVS drug store and pharmacy that totals 22,400 square feet.

“Mount Pleasant Shopping Center is conveniently located in a dense residential neighborhood,” stated a post on the commercial real estate listing website PropertyShark. “It is anchored by a large, high-revenue grocery, FoodMaxx.”

At the time of the property purchase, Tron’s group obtained $32 million to refinance the entire Mount 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 company. “This is a very safe and stable property and will provide a good return for Tron.”

In 2020, FoodMaxx signed a lease with the affiliate of its parent company that expires in 2036, according to 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.

Modesto-based Save Mart Cos. owns FoodMaxx, along with the supermarket chain’s other brands, Lucky and Save Mart. Recently, 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 company 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.