A consortium of local investors has acquired an 8.4-acre parcel of land at the Stoneridge Shopping Center in Pleasanton, California, for $10.7 million. The property includes the footprint of the former Nordstrom department store.
The purchasing entity is the 300 Venture Group, a Danville-based firm. Jerry Hunt serves as the founder and manager of the group, while Christopher George, the founder and chief executive officer of the San Ramon-based CMG Group, is also part of the buying team. This transaction follows a 2022 acquisition by the 300 Venture Group of a nearby 10-acre parcel that contained the former JCPenney store, which was purchased for an undisclosed all-cash amount.
According to reports from the Pleasanton Weekly, the 300 Venture Group has indicated on its website that it is evaluating several potential uses for the Nordstrom site. These possibilities include reusing the existing retail space or pursuing higher-density mixed-use redevelopment. Hunt told The East Bay Times that the acquisition of both the JCPenney and Nordstrom parcels provides the group with multiple development options. He noted that the firm could re-tenant the existing retail buildings or construct a higher-density project on the current asphalt parking areas, describing the parcels as offering good opportunities due to their advantageous pricing.
Kameron Klotz, a founder of the 300 Venture Group, stated that the firm is coordinating with the city of Pleasanton to ensure any redevelopment plans align with the city’s 2023 Stoneridge Mall Framework. This framework is connected to the city’s Housing Element cycle and envisions a mix of retail space and hundreds of housing units.
The Stoneridge property has experienced significant real estate activity in recent years. In April, Workday sold a 60,000-square-foot building on the site for $5.5 million. Additionally, a five-story building located at 5928 Stoneridge Mall Road was sold to PG&E in a $21.8 million all-cash deal, according to The Real Deal.
