PLEASANTON — The former Nordstrom department store building at Pleasanton’s Stoneridge Shopping Center has been bought by a joint real estate venture that might transform the choice site into housing.
The real estate alliance paid $16 million for the property, according to documents filed on March 3 with the Alameda County Recorder’s Office.
Shopoff Realty Investments, Praelium Commercial Real Estate and an affiliate of Singerman Real Estate teamed up to buy the 8.4-acre site.
The just-bought property includes the Nordstrom building and an adjacent parking lot. In 2007, Nordstrom officials estimated the two-level store totaled 149,000 square feet.
“This asset represents an opportunity to acquire a significant piece of property in a highly desirable market in Northern California,” said William Shopoff, chief executive officer of Shopoff Realty Investments.
The buyers also obtained a loan of $8 million from 980 Loanco at the time of the Nordstrom property purchase, the county records show.
This deal marks the second time in two years that a big department store property at the Stoneridge mall has been bought.
In July 2022, a group headed up by 300 Venture Group, a Danville-based real estate firm, bought the JCPenney store building at Stoneridge.
That department store site was deemed by the new owner to be a prime location that could lend itself to a redevelopment or reimagining of the JCPenney store building.
Nordstrom closed its department store in 2019. In 2020, the Seattle-based retailer said the store would remain permanently closed as part of a plan to close 16 locations due to a slump in sales.
Nordstrom’s exit from the Pleasanton site appears to have triggered a slump in real estate value for the property, documents on file with the Santa Clara County Assessor’s Office show.
As of mid-2022, the Nordstrom property at the Pleasanton regional mall had an assessed value of $45.6 million, according to the county documents.
Macy’s and JCPenney remain anchor stores at Stoneridge mall.
In recent years, Shopoff has been involved in the purchases of four regional mall sites, including the former Nordstrom store property in Pleasanton.
“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,” Shopoff said.
