Another Portion of Pleasanton Mall Sells to Local Investors

A buying streak that has claimed buildings surrounding Stoneridge Shopping Center in Pleasanton has now hit the mall itself.

A group of local investors acquired an 8.4-acre site that includes a former Nordstrom store and accompanying surface parking lot at 2651 Stoneridge Mall Road for $10.7 million, the East Bay Times reported. The buying group was led by Jerry Hunt, founder of Danville-based 300 Venture Group, and Christopher George, founder and CEO of San Ramon-based CMG Group.

It isn’t the first time this buying group has acquired property at the Stoneridge Shopping Center. In 2022, they purchased a nearby parcel spanning 9.8 acres at 1500 Stoneridge Mall Road that was occupied by a JC Penney store and a surface parking lot at the time. The price paid for that property was not disclosed as it was part of JC Penney’s bankruptcy case when it sold. The JC Penney store closed in February, six years after the Nordstrom store closed in 2020.

With the latest purchase, the buying group now owns 18.2 acres at the retail complex. Next steps for the site remain up in the air.

“You could do more than one thing with these parcels. We acquired both parcels at advantageous pricing to give us an array of options,” Hunt told the East Bay Times. “These could include re-tenanting the two retail buildings and developing a higher-density project on the asphalt parking surface. We thought these parcels provided good opportunities.”

The transaction is the latest commercial sale in the Stoneridge Shopping Center area. In April, Workday sold a 60,000-square-foot building at 6000 Stoneridge Mall Road for $5.5 million. That sale followed another in January where Workday sold a five-story building at 5928 Stoneridge Mall Road to Pacific Gas & Electric in a $21.8 million all-cash deal. The company purchased five buildings surrounding the mall in 2021 for $172.5 million.

— Chris Malone Méndez