I ended up using wget
instead of mirroring.
Here are the brief steps, with some update site chosen for the example:
Download the update site to your local machine:
wget --recursive --no-parent http://run-jetty-run.googlecode.com/svn/trunk/updatesite
Take the content of the downloaded update site and move it to your offline environment, preserving the directory structure.
Open Eclipse and add your offline update site directory to the list of available software sites via “Local…” button.
You can see those steps in details here.