A freshly minted real estate company based in Danville has acquired the Stoneridge Shopping Center property that houses the JC Penney storefront in Pleasanton.
The acquisition comes approximately four months after Danville-based 300 Venture Group (3VG), a privately held real estate investment, development and advisory company, announced its launch and acquisition of a Napa 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, in a July 22 announcement. "We look forward to working with the community and stakeholders to create an innovative vision and execution for the property."
Along with Klotz, 3VG was founded by Jerry Hunt, Mark Pleis and Howard Overton.
"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," Overton said. "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."
The company's first acquisition, announced along with its launch, was described in 3VG's announcement as an "underutilized parcel in Downtown Napa" in March.
"3VG was formed to use our combined decades of experience and exceptionally complementary skill sets to give properties new life and purpose for the 2020s and beyond," Hunt said in the launch announcement on March 21. "We've been friends and colleagues for years, and now it's time to work together to execute impeccably, have fun and create real value for our investors, partners and the communities in which we're going to operate."
Terms of the transaction were not disclosed.