McCarthy Ranch Mall Sold; Possible Asian Market Planned

Part of McCarthy Ranch shopping center could be redeveloped as a large Asian market after Canadian developers who own “The Largest Indoor Chinese Mall in North America” closed on the property last month.

The Torgan Group of Toronto, Canada bought the large strip mall about two weeks ago. The property includes the old Borders bookstore, Best Buy and Dollar Tree, said Tom Klein, co-owner of Crosspoint Realty Services in San Francisco, who is representing the group.

According to city reports, The Torgan Group plans to build a hotel and a Chinese mall there similar to the one in Toronto.   

However, Klein said plans for the property are far from finalized. While they may include an Chinese market, there is no telling now how that might look, he said. 

“The demographics of the trade area certainly support an Asian component, and I’m sure that’s an option that’s being considered,” Klein said.

The recently-purchased land includes 25.1 acres and 265,341 square feet of retail space on the west side of McCarthy Boulevard. The selling price has not been disclosed.

The purchase did not include Walmart, which owns its own store and the property it sits on, or the free-standing stores in front of the strip mall. Nor did it include land on the east side of McCarthy Boulevard, like In-N-Out Burger, Michaels or the strip mall with the Verizon Wireless store.

Felix Reliford, Milpitas’ principal housing planner, said he is meeting with representatives today, Friday, to learn more about what they have in mind.

“Outside of knowing it’s going to be an Asian market,” Reliford said, the plans are relatively new to city officials.

Klein said the property does not lend itself to an indoor mall like the one in Toronto. Also, he said, The Torgan Group plans to keep the current big-box stores in place. As a result, drawings are underway for what the project might look like. Plans likely must be approved by city council before developers can move in.

City Councilman Armando Gomez said he’s looking forward to a new owner who will inject energy and take care of the shopping center.

“It is kind of exciting to see something going on over there. Sometimes when you go there its just kind of a ghost town,” Gomez said.