Home Alts News Shopoff Enters Joint Venture to Acquire California Property

Shopoff Enters Joint Venture to Acquire California Property

Shopoff Realty Investments announced the formation of a joint venture with Praelium Commercial Real Estate and an affiliate of Singerman Real Estate LLC that has acquired a former Nordstrom building in a suburb of San Francisco.

Shopoff did not disclose the acquisition price.

The 8.37-acre property is located at the Stoneridge Mall in Pleasanton, California and within walking distance to the West Dublin Bart Transit Station, Workday Headquarters, Kaiser Permanente and employment centers with more than two million square feet of office space in the area.

In an effort to meet the state mandated housing requirements, the city of Pleasanton adopted their 2023-31 Housing Element Plan in January 2023 which identifies sites available for redevelopment, including the Stoneridge Mall.

Shopoff says the company is exploring a variety of uses for the former retail space, including new housing, office and mixed-use retail.

“This asset represents an opportunity to acquire a significant piece of property in a highly desirable market in Northern California,” Shopoff president and chief executive officer William Shopoff, said. “Our fourth mall purchase in recent years, 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 Realty Investments is an Irvine, California-based real estate firm with a 30-year history of value-add and opportunistic investing across the United States. The company primarily focuses on generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 30-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group).

Click here to visit The DI Wire directory page.