Pleasanton Gateway Shopping Center Sold for $79.1 Million
Sterling United Properties has acquired the local retail hub, which includes major tenants like Safeway and CVS.
Updated on Oct. 13, 2026 in Commercial
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The Pleasanton Gateway Shopping Center, a 128,275-square-foot retail property at the intersection of Valley and Bernal avenues, was sold for $79.1 million. The transaction was finalized through a deed transfer filed with the Alameda County Clerk-Recorder's Office.
Why it matters
This sale marks a notable shift in the local retail landscape, as the property traded for approximately 16% less than its assessed value of $94 million. The acquisition involves a significant footprint in Pleasanton's commercial sector, anchored by major essential retailers.
The property sold for $79.1 million, which is $15 million below its July assessed value of $94 million. The buyer paid $87,010 in documentary transfer taxes to complete the purchase of the 128,275-square-foot center.
The players
Sterling United Properties
The Florida-based purchasing firm that has now acquired the Pleasanton Gateway Shopping Center.
Alameda County Clerk-Recorder's Office
The regional government agency responsible for recording official real estate deeds and property documents.
Safeway
A national grocery chain that maintains a 59,000-square-foot anchor store within the shopping center.
CVS
A major pharmacy and retail chain occupying over 14,000 square feet at this location.
The details
The sale required a documentary transfer tax calculated at a rate of $1.10 per $1,000 of the property's conveyed value. The shopping center currently serves the Pleasanton area with two major anchor tenants: a 59,000-square-foot Safeway and a 14,000-square-foot CVS. While a developer previously proposed office buildings for the site in 2013, the property remains established as a key retail node.
Timeline
2013: A developer previously planned office buildings for this property.
July 2026: The shopping center was assessed at $94 million.
October 1, 2026: The deed transfer was officially filed with the Alameda County Clerk-Recorder's Office.
The Home Front
This acquisition follows a long-standing pattern for the property, which has been subject to previous redevelopment proposals including the 2013 Pleasanton development plan. The purchase price indicates a notable valuation adjustment compared to the recent mid-year assessment.
Residents should anticipate business-as-usual at the shopping center, as the ownership change does not affect the operation of anchor tenants like Safeway and CVS. Keep an eye on local planning filings if future site modifications are proposed for the Valley and Bernal avenues intersection.
The takeaway
Large-scale commercial property sales can signal broader shifts in neighborhood infrastructure and long-term land use. If you are interested in future site changes, you can monitor upcoming agendas from the Pleasanton planning department for any new development applications.
Further reading
You can find more coverage of local business changes in our Commercial section.
Source note: This article includes information reported by Pleasanton Weekly.
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