Stockton's Weberstown Mall was recently acquired by the real estate platform Mershops, founded by the Mersho family.
The real estate investment and advisory firm, Steerpoint Capital, led the acquisition of the mall on behalf of Mershops for $50,750,000. Steerpoint Capital specializes in "repositioning large-scale retail assets," according to a Mershops news release.
"The acquisition marks the sixth enclosed mall in the Mershops portfolio and reinforces the platform's commitment to acquiring and elevating dominant West Coast shopping destinations with long-term potential," the news release states.
The 800,000-square-feet mall is home to Barnes & Noble, Dillard's, JCPenney, Old Navy and Five Below, according to Mershops officials.
Mershops portfolio includes California malls such as:
The portfolio also includes Galleria at Sunset in Henderson, Nevada.
"We're thrilled to add another great asset to the Mershops Portfolio through this acquisition," Steerpoint Capital CEO Bo Okoroji said. "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."
According to company officials, Steerpoint Capital will "continue to provide ongoing strategic support for asset management, leasing and redevelopment at Weberstown Mall."
Washington Prime Group (WPG) owned Weberstown Mall prior to the acquisition.
Weberstown Mall history
Stockton's Weberstown Mall opened in 1966. The mall was built by Charles Martin Weber III, the grandson of Karl David Weber, a German immigrant who later changed his name to Carlos Maria Weber or Captain Charles M. Weber, the founder of Stockton.
Sears served as one of the original anchor stores at Weberstown Mall. The department store closed its Stockton location, one of four stores left in California in 2024.
Weberstown Mall is also home to the first Dillard’s department store in California. This store is one of three remaining Dillard’s stores in the state. Other locations are in Palmdale and El Centro.
"Stockton is going to be a good market for us," said Bob Baker, a Dillard's regional vice president in 1998. "It had the best opening in the history of our corporation. Business slowed up just before Christmas, but we noticed the same lull in all the stores, whether it was Albuquerque or Denver. But Christmas week was phenomenal and so were the four weeks after, particularly in Stockton."
The Dillard's space was originally a Weinstock's, according to The Record clips from 1998.
Weberstown Mall opened a new MINISO earlier this year. It celebrated a grand opening on April 19. Five Below also joined the mall in summer 2023.
Other stores at the mall include: Bath & Body Works, Hollister Co., Victoria's Secret, PINK by Victoria's Secret and Vans.
To learn more about Weberstown Mall, visit weberstown.com.
Record reporter Angelaydet Rocha covers community news in Stockton and San Joaquin County. She can be reached at [email protected] or on Twitter @AngelaydetRocha. To support local news, subscribe to The Stockton Record at https://www.recordnet.com/subscribenow.