Stoneridge Shopping Center just got a little more local. A hometown investment group has snapped up the empty Nordstrom anchor and its neighboring parking pad, quietly adding another big slice of underused mall real estate to its growing collection. The roughly 8.4-acre deal builds on an earlier acquisition in 2022 and pushes the group’s footprint at the Pleasanton mall to about 18 acres. The buyers say the new parcels give them room to play with everything from straightforward re-tenanting to denser mixed-use ideas, and city planning documents already flag the mall area as a likely spot for future housing and broader redevelopment.
According to The Real Deal, the 8.4-acre site, which includes the former Nordstrom building, traded for about $10.7 million. The buyer is a local group led by Jerry Hunt of Danville-based 300 Venture Group and Christopher George of CMG Group. The team had already picked up the former J.C. Penney parcel at the mall in 2022, a move documented by REBusinessOnline. With the Nordstrom deal now closed, the investors control roughly 18.2 acres at Stoneridge Shopping Center, although some financing and ownership details remain under wraps.
In comments to the Pleasanton Weekly, 300 Venture Group founding partner Kameron Klotz said the firm is actively collaborating with and seeking input from all stakeholders regarding the future use of the location, including the City of Pleasanton. The Weekly reported that 3VG is weighing possibilities that range from new retail users to more ambitious mixed-use densification as it coordinates with the city and neighboring property owners.
City Planning Already Anticipates Redevelopment
The newly purchased Nordstrom parcel sits within the Stoneridge Mall Framework that Pleasanton adopted in January 2023 as part of its 6th-cycle Housing Element, according to the City of Pleasanton planning page. That framework lays out a conceptual land use and circulation plan, a set of guiding principles, and a process for coordinating master planning among the mall’s multiple owners. It points to where housing and other higher-density uses could potentially go, while also stressing that any big redevelopment effort will require cooperation among all four of the major mall property owners.
Nearby Office Sales Show A Changing Market
The action at Stoneridge is not limited to the mall itself. The surrounding corridor has seen a steady shuffle of office properties, including a 60,000-square-foot building at 6000 Stoneridge Mall Road that Workday sold for about $5.5 million, according to the San Francisco Business Times. Local reports also show that Pacific Gas & Electric paid roughly $21.8 million for a five-story Workday building at 5928 Stoneridge Mall Road. Market data notes that Workday’s 2021 purchases of several campus buildings around the mall totaled about $172.5 million, a string of deals that has reshaped who owns what around Stoneridge and opened the door for future repurposing.
Buyers Stress Flexibility, Will Work With The City
Hunt told The Real Deal that you could do more than one thing with these parcels and described the pricing as advantageous for the buyers. That careful framing suggests the group is in no rush to lock itself into one vision and will likely test the market before submitting formal plans. Any proposal would still have to move through Pleasanton’s public planning and entitlement process.
For Pleasanton residents, the sale mostly sets the stage for what could come next rather than spelling out exactly what will happen. The new ownership opens the door to possibilities such as re-tenanted retail and restaurants, office reuse, or higher-density housing that fits within the city’s Stoneridge framework. Concrete plans are likely to roll out slowly as the investors sort through financing, potential tenants, and long-range planning with the city. For now, the deal adds one more chapter to a familiar Bay Area storyline in which aging malls are reworked piece by piece, parcel by parcel.
