Pleasanton, California property joins previous Downtown Napa acquisition for rapidly growing firm
DANVILLE, Calif., July 22, 2022 /PRNewswire-PRWeb/ -- Just four months after completing its acquisition in Downtown Napa, California, 300 Venture Group ("3VG") 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. 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.
Specifically, 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."
Klotz, Overton and commercial real estate industry veterans Jerry Hunt and Mark Pleis launched 3VG to build on their combined nine decades of experience in acquiring, operating and developing projects and communities in a region with exceptionally high barriers to entry. In March, the four principals, together with their capital partner, closed their first transaction, acquiring an underutilized property in Downtown Napa, California for future redevelopment.
Hunt has more than 25 years of public and private company experience, focusing on development, repositioning and transactions. Prior to 3VG, he founded Quattro Realty Group and co-founded Blake Hunt Ventures (BHV); he also was Senior Vice President and COO of Western Properties Trust.
Pleis is a founding Principal of the first Northern California office of Lee & Associates in 1993, with over 36 years of experience. Throughout his career, he grew his relationships and book of business to consummate transactions in almost every aspect of real estate.
Overton's 20-plus years in retail real estate include public REIT experience at Regency Centers, DDR Corp. (now SITE Centers), Kimco Realty and Pan Pacific Retail Properties. During his career, he has been involved in more than $17.4 billion of property transactions, totaling 79 million square feet.
A frequent angel investor in startup companies across a wide range of industries, Klotz has more than 10 years of experience in strategic planning, operations, and management. He has been vital in obtaining several complex entitlements in some of California's most cumbersome cities.
About 3VG
3VG is a privately-owned real estate investment, development and management firm with a geographic emphasis on western U.S. markets. The company was founded by real estate veterans who love the outdoors, trucks, motorcycles, and tattoos. Its focus is the acquisition, development and redevelopment of retail, office, multifamily and mixed-use properties.
Media Contact
Debra Hazel, 300 Venture Group, 1 201-618-5247, [email protected]
SOURCE 300 Venture Group
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