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3/09/23
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Shopoff Realty Investments, in a venture with Praelium Commercial Real Estate and an affiliate of Singerman Real Estate LLC, has acquired the former Nordstrom department store property located at the Stoneridge Mall in the Bay Area city of Pleasanton in a deal said to be worth about $16 mil. The property totals 8.37 acres including the former department store’s parking lot.
“This asset represents an opportunity to acquire a significant piece of property in a highly desirable market in Northern California,” explained Shopoff President and CEO William Shopoff. “Our fourth mall purchase in recent years, we are looking forward to working with the city to repurpose this property and deliver much needed new housing and other uses for the community.”
Pleasanton is situated roughly 30 miles north of San Jose in the East Bay. The transit-oriented site is within walking distance to the West Dublin Bart Transit Station, Workday Headquarters, Kaiser Permanente, and employment centers with over 2 msf of office space in the area. Pleasanton is also one of the top 10 school districts in California, making it an attractive community for families.
In an effort to meet the state mandated housing requirements, the city of Pleasanton adopted their 2023-31 Housing Element Plan in January 2023 which identifies sites available for redevelopment, including the Stoneridge Mall. Shopoff is exploring a variety of uses for the former retail space, including new housing, office and mixed-use retail.
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