THE OPPORTUNITY

In 2016, Shopoff acquired a three-story, 45,500-square-foot office building located at 4440 Von Karman Avenue in Newport Beach, California, for $15.36 million. Situated within the prestigious Koll Center Newport, the property enjoys a prime location near some of Orange County’s most successful businesses, upscale restaurants, and premier shopping destinations. It also offers excellent connectivity, with close proximity to the 73, 405, and 55 freeways, as well as being just minutes from John Wayne Airport.

At the time of acquisition, the property presented a strong value-add opportunity, with below-market rents and vacancy levels that allowed for increased occupancy and rental growth.

HOW SHOPOFF IS ADDING VALUE

Shopoff rebranded the property, Waypoint Newport, and planned strategic renovations to enhance the building’s appeal and position it for refinancing upon stabilization. Rather than pursuing a full redevelopment, the team opted for an office condominium conversion—an approach that met market demand while avoiding the high costs associated with redevelopment.

Common area improvements were completed in 2023, creating a more modern and inviting environment for both current and prospective buyers. The firm’s strong relationship with the City played a key role in expediting permit approvals and facilitating the conversion to medical office condo sales, helping to bring the project to market efficiently.

HOW SHOPOFF IS ADDING VALUE

As of August 2025, the project is more than 61% sold. For more information, please head to www.waypointnewport.com.

Disclosures

An investment in a Shopoff fund involves a high degree of risk, including the possible loss of your entire investment, and is illiquid with an uncertain liquidity date. This material does not constitute an offer to sell or a solicitation of an offer to buy any security. Securities offered through Shopoff Securities, Inc. Member FINRA/SIPC.

These properties are one of a number of properties that are managed by Shopoff Realty Investments, and owned by open and closed investment funds. For the listing of all Shopoff’s current holdings visit: https://www.shopoff.com/current-assets/