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PLEASANTON, CA-Ikea, a large home-furnishings retailer, has signed a letter of intent with Alameda County to buy 24 acres of land near Pleasanton. The deal is valued at more than $20 million dollars and is expected to be finalized by the end of the summer.

The property is located at the southwest corner of Interstate 580 and El Charro Road near Pleasanton, and is part of the 128-acre Staples Ranch property.

Tony Beatty, of BT Commercial Real Estate, is representing Ikea in the transaction. Beatty told GlobeSt.com that nothing has been finalized yet and that Ikea is still reviewing its options. Before development can begin, the city must approve the building plan and conduct a traffic study to determine the impact of the store on the city.

Ikea’s Emeryville store is the only one in the Bay Area and has become increasingly popular. Ikea has also proposed opening a third store in East Palo Alto, which would be 30,000 sf.

According to Ikea, its 275,000-sf Bay Area store opened last April year and has pulled in more than $100 million in gross sales since then. This results in more than $1 million in sales tax revenue to the city.

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