JCPenney Property In Pleasanton Purchased For Undisclosed Sum

PLEASANTON, CA — A Danville real estate firm announced last week that it acquired the Stoneridge Shopping Center building that houses JCPenney, numerous outlets report.

300 Venture Group (3VG) purchased the 155,920-square-foot, two-storey building located on approximately 10 acres, where JCPenney has been located since 1980. The price of the all-cash purchase was not disclosed.

JCPenney remains open and has not announced any plans to close, but Nicholas Bicardo, the broker who represents the undisclosed seller, told the Real Deal that he expects they will soon.

“The property allows the investor the optionality to either operate it under a long-term lease or terminate the lease and reposition the building/site into an alternate use or retailer(s),” Bacardo told the outlet in an email.

JCPenney filed for bankruptcy in 2020, and closed 175 store locations between 2020 and 2021, according to the company. It exited bankruptcy in November 2020, but its stores have still struggled. Now the Pleasanton location is sitting on prime real estate.

“This is an irreplaceable location, at the intersection of Interstates 580 and 680 and across the street from the West Dublin/Pleasanton BART station,” Kameron Klotz, a founding principal of 3VG, said 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.”

In recent years, the Stoneridge complex has witnessed significant investment from corporations and research facilities. Financial tech giant Workday established 410,000-square-foot headquarters in the complex that hosts more than 5,000 employees. Ericsson, Kaiser-Permanente, and Oracle have also bought offices near the site, and biotech company 10X Genomics is constructing a 381,000-square-foot headquarters expected to open in 2023.

3VG was founded in March by long-time brokers and developers Jerry Hunt, Mark Pleis, Howard Overton, and Kameron Klotz. Its first project was an “underutilized” property in downtown Napa that currently houses a Kohl’s Department store, according to the Mercury News.