PLEASANTON — The big retail building where bankrupt JCPenney operates an anchor store at Pleasanton’s Stoneridge Mall has been bought by an East Bay investment group that may redevelop the site.
A group headed up by 300 Venture Group, a Danville-based real estate firm, has bought the JCPenney store building, according to documents filed on Wednesday with the Alameda County Recorder’s Office.
300 Venture acquired the building in an all-cash deal, the county records show. The price wasn’t disclosed because the property is involved in the ongoing JCPenney bankruptcy proceeding.
“In May 2020, JCPenney began a store optimization strategy to better position the company for sustainable, profitable growth,” JCPenney said in a post on its website. “We announced several phases of store closures in 2020 and 2021, resulting in the liquidation of 175 JCPenney locations.”
JCPenney states it still operates several hundred stores.
The recently purchased two-story JCPenney building in Pleasanton totals 155,900 square feet and occupies 9.8 acres, according to a post by Newmark, a commercial real estate firm that arranged the purchase.
“This is an irreplaceable location,” said Kameron Klotz, a principal executive and co-founder with 300 Venture.
The purchase includes a large surface parking lot next to the JCPenney store.
A redevelopment, potentially wide-ranging, appears to be in the works for the site.
“We look forward to working with the community and stakeholders to create an innovative vision and execution for the property,” Klotz said.
In March, the group bought what it described as an “under-utilized” parcel in downtown Napa where a Kohl’s Department store operates.
Similarly, it appears that 300 Venture Group views the JCPenney site in Pleasanton as one that could be upgraded.
“We founded 300 Venture 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, a principal executive and founder of the real estate firm.