PLEASANTON — A group of local investors paid $10.7 million for an 8.4-acre site that includes a former Nordstrom store and large surface parking lot next to Stoneridge Shopping Center in Pleasanton, documents filed on June 30 at the Alameda County Recorder’s Office show.
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The buying group is headed up by Bay Area executives Jerry Hunt and Christopher George, documents show. Hunt is a founder and manager with Danville-based 300 Venture Group. George is the founder and chief executive officer with San Ramon-based CMG Group.
In 2022, this same group bought a nearby 9.8-acre site that at the time was occupied by a JC Penney store and surface parking lot. County assessment records indicate the price was in the vicinity of $20 million. The official price wasn’t disclosed because the property was part of a JC Penney’s bankruptcy case at the time of the purchase.
“The parcels we now own are in the rapidly growing Tri-Valley area and are immediately adjacent to the BART station,” Hunt said in an interview with this news organization.
The group now controls 18.2 acres of prime real estate near the busy interchange of Interstate 580 and Interstate 680. The former JC Penney is at 1500 Stoneridge Mall, and the one-time Nordstrom store is at 2651 Stoneridge Mall.
The JC Penney store closed in February, while the Nordstrom store closed in 2020.
“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 said. “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.”
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Some plans that have emerged include development of the surface parking area as housing.
The ownership groups are consulting and cooperating with owners of the other parcels at Stoneridge Shopping Center.
Indiana-based Simon Property owns the connected smaller stores in the non-anchor section of the center at 1008 Stoneridge Mall, the site of the shuttered Sears store at 1700 Stoneridge Mall, and a Macy’s site at 1300 Stoneridge Mall, Alameda County records show. Macy’s Inc. owns a Macy’s store at 1400 Stoneridge Mall.
“We are taking in all of the options for our parcels,” Hunt said. “That requires collaboration with the other mall owners.”
Hunt said his group is very much on the same page as other mall owners regarding the potential use for all of the parcels, given the location near the major freeway interchange.
“We all recognize that the mall in totality is phenomenal real estate, in a great market with tremendous coordinates,” Hunt said.
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