Just four months after completing its first acquisition in Downtown Napa, California, 300 Venture Group has closed its next purchase. Together with its capital partner, 3VG has acquired the JCPenney site at 1500 Stoneridge Mall Rd. in Pleasanton, California. Terms of the transaction were not disclosed; Nicholas Bicardo at Newmark represented the seller in the transaction.
An original anchor at Stoneridge Shopping Center, the 155,920-square-foot building is located on 9.77 acres of prime real estate in a high barrier to entry market with exceptional fundamentals, the company said. Consistent with its mission of profitably repositioning assets to maximize their value and create vibrant communities, 3VG is exploring various scenarios for the property.
“This is an irreplaceable location, at the intersection of Interstates 580 and 680 and across the street from the West Dublin/Pleasanton BART station,” said Kameron Klotz, a founding principal of 3VG. “We look forward to working with the community and stakeholders to create an innovative vision and execution for the property.”
Located approximately 35 miles east of San Francisco, Pleasanton is a highly desirable residential community that boasts one of the top school systems in California and is one of the wealthiest middle-sized cities in the United States.
The Stoneridge complex has seen major investment and redevelopment interest in the last three years: Fintech company Workday’s 410,000-square-foot headquarters, located across the street from the site, has more than 5,000 employees, joining other major corporations including Ericsson, Kaiser-Permanente and Oracle within three miles. In addition, biotech company 10x Genomics is under construction on a 381,000-square-foot headquarters complex, with the first phase expected to open in 2023.
“We founded 3VG earlier this year precisely to take advantage of these creative opportunities, which can add significant value to both the communities and our investors,” said Howard Overton, also a founding principal of 3VG. “We wanted to hit the ground running, and have certainly done so, and now have 12.4 acres and 232,000 square feet under control in high-profile locations. And we’re continuing to pursue more opportunities this year.”
