DANVILLE, CA – A Danville real estate company announced last week that it had acquired the Stoneridge Mall building that houses JCPenney in Pleasanton, multiple outlets report.
300 Venture Group (3VG) has purchased the two-story, 155,920-square-foot building on approximately 10 acres, where JCPenney has been located since 1980. The cash purchase price was not disclosed.
JCPenney remains open and has not announced any closure plans, but Nicholas Bicardo, the broker representing the undisclosed seller, told the real deal that he expects them to be soon.
“The property offers the investor the option of operating it under a long-term lease or terminating the lease and repositioning the building/site to another use or one or more retailers,” Bacardo said. at the point of sale in an email.
JCPenney filed for bankruptcy in 2020 and closed 175 stores between 2020 and 2021, according to the company. It emerged from bankruptcy in November 2020, but its stores are still struggling. Now the Pleasanton location sits on prime real estate.
“This is an irreplaceable location, at the intersection of highways 580 and 680 and opposite the West Dublin/Pleasanton BART station,” said Kameron Klotz, founding director of 3VG, in a statement announcing the purchase. “We look forward to working with the community and stakeholders to create an innovative vision and execution for the property.”
Over the past few years, the Stoneridge Complex has seen significant investment from businesses and research facilities. Financial technology giant Workday has established a 410,000 square foot headquarters in the complex which houses more than 5,000 employees. Ericsson, Kaiser-Permanente and Oracle have also purchased office space near the site, and biotech company 10X Genomics is building a 381,000 square foot headquarters slated to open in 2023.
3VG was founded in March by longtime brokers and developers Jerry Hunt, Mark Pleis, Howard Overton, and Kameron Klotz. His first project was an “underutilized” property in downtown Napa that currently houses a large Kohl’s store, according to the Mercury News.