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PLEASANTON, CA-The 1.3 million-sf Stoneridge Shopping Center here is primed for a 205,000-sf expansion now that Nordstrom has signed a letter of intent to build a new 149,000-sf department store next to its existing space, which will be converted for other retail uses. The expansion is expected to be completed in phases between Fall 2007 and Spring 2009.

Located at the intersection of Interstates 680 and 580, the mall is owned by a joint venture of Mills Corp. and General Motors Pension Trust. Existing anchor tenants in addition to Nordstrom include Macy’s, JCPenney and Sears.

Once the new Nordstrom is up and running, the current Nordstrom space will be converted into additional 89,000 sf of specialty shops and a 75,000-sf multi-screen cinema. Another 56,000 sf of new construction will house an anchor tenant and some new restaurants, for a total expansion of about 205,000 sf.

A Nordstrom executive says the company was planning a major remodel but jumped at the chance to build a brand new store that utilizes its latest design concepts. Mills chief executive Laurence Siegel, who could not be reached Wednesday afternoon for comment, says in a prepared statement that he is confident the new Nordstrom and new upscale retailers will increase the value of Stoneridge Shopping Center, which already has sales in excess of $500 per sf.

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