Shopoff Realty Investments Expands Portfolio with New Land
Shopoff Realty Investments Makes Strategic Acquisition
In a significant move to expand its real estate portfolio, Shopoff Realty Investments has successfully acquired a 13.75-acre property in Buena Park, California. This acquisition is a part of their strategic plan to redevelop the site into a residential community, in collaboration with a reputable national home builder. Previously, the property housed Amway Corporation and is currently active under a corporate sale-leaseback arrangement.
Location and Accessibility of the Property
The site is strategically located in Orange County, showcasing excellent connectivity through Beach Boulevard, a major thoroughfare. Its proximity to public transport makes it particularly appealing, being adjacent to the Metrolink line and just moments away from the Interstate 5 and State Route 91 freeways. The existing infrastructure includes two industrial buildings, encompassing approximately 370,031 square feet of space.
Support from the Local Community
Shopoff has received backing from the city for their plans to transition the property from industrial to residential use. This support is expected to expedite the entitlement process, allowing for a smoother transition towards developing housing in a region that has a growing demand.
CEO's Vision for the Future
William Shopoff, the President and CEO of Shopoff Realty Investments, expressed enthusiasm about the potential of Buena Park, stating, "This acquisition allows us to capitalize on a prime Orange County location with significant accessibility and strong demand for new housing options. We're excited to be moving forward with the entitlement process for the proposed residential community." This bold move underscores the company's commitment to addressing housing shortages by providing more residential options.
Financial Aspects of the Acquisition
For this acquisition, a total of $49 million in financing was secured, showcasing a strong financial backing for the project. JLL Capital Markets played an instrumental role in facilitating this financing, with Senior Director Jamie Kline and Associate Kyle White leading the advisory team.
About Shopoff Realty Investments
Founded 33 years ago, Shopoff Realty Investments is based in Irvine, California, and specializes in value-add and opportunistic real estate investments across the United States. The company is dedicated to generating appreciation through the repositioning of assets and development projects, and has built a reputation for navigating complex real estate challenges effectively. Over the years, they have operated under various names, including Asset Recovery Fund and Eastbridge Partners.
Commitment to Responsible Investing
While Shopoff has had varied performance outcomes, the company continuously strives to uphold standards beneficial to both the community and its stakeholders. Their focus remains on ensuring that new developments meet the needs of the communities they are part of, facilitating a comprehensive approach to real estate investment.
Contact Information
For more details regarding this project, inquiries can be directed to Jill Swartz at Spotlight Marketing Communications. She can be reached via phone at 949.427.1389.
Frequently Asked Questions
What is the significance of the acquisition by Shopoff Realty Investments?
This acquisition allows Shopoff to develop much-needed residential housing in a prime location within Orange County.
How will the property be utilized?
The property will be re-entitled for residential use, transitioning from its current industrial application to develop a new residential community.
What types of properties does Shopoff Realty Investments manage?
Shopoff focuses on value-add and opportunistic real estate investments, primarily dealing with income-producing properties and land assets.
Who can I contact for more information?
Jill Swartz from Spotlight Marketing Communications is the point of contact for inquiries related to this acquisition.
What role does JLL Capital Markets play in this acquisition?
JLL Capital Markets provided the necessary financing for the acquisition, ensuring the project's financial viability and support during the entitlement process.
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