The real estate platform Mershops has acquired the Weberstown Mall in Stockton, California, for $50 million.
Built in 1966 and located within California’s Central Valley, Weberstown Mall encompasses 800,000 square feet and has a tenant base that includes Barnes & Noble, Dillard’s, JCPenney, Old Navy and Five Below. The acquisition marks the sixth enclosed mall in the Mershops portfolio.
Steerpoint Capital, a real estate investment and advisory firm specializing in repositioning large-scale retail assets, led the acquisition of the property on behalf of Mershops.
“We’re thrilled to add another great asset to the Mershops Portfolio through this acquisition,” said Bo Okoroji, founder and CEO of Steerpoint Capital. “From structuring the transaction to advising on the future of the asset, Steerpoint will help unlock greater value and deliver higher-quality, higher-returning outcomes.”
Photo courtesy Weberstown Mall
