THE OPPORTUNITY

In 2018, Shopoff acquired a 6.94-acre property located at the intersection of Moss Street and Industrial Blvd. in Chula Vista, California for $10.2 million. The site’s close proximity to the I-5 freeway and the Blue Line Trolley provides easy access to the city’s major job centers and entertainment attractions.

The increase in demand for new for-sale housing in the city was due in part to the construction of the $1 billion Chula Vista Bayfront complex, a bayfront hotel and convention center development, located less than one mile away from the project site.

HOW SHOPOFF IS ADDING VALUE

Formerly approved for light industrial uses, Shopoff worked diligently with the City of Chula Vista to secure project entitlements for residential redevelopment. There was strong support from the City, which had been actively encouraging redevelopment and residential projects for the area.

THE RESULT

In 2023, Shopoff successfully sold the property to Shea Homes. Shea Homes is developing the site into a 141-unit townhomes in a gated community with floorplans ranging from ~1,222-2,031-square-feet, with 2-4 bedrooms, 2.5-3.5 bathrooms, and 2-car garages. Residents can soon enjoy easy freeway access, close proximity to the city’s best shopping and dining experiences, gorgeous beaches, and outdoor recreation at Coronado Island, Imperial Beach Pier, and the San Diego Bay National Wildlife Refuge.*

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. *While this transaction was successful, past performance does not guarantee future results. Each asset and market environment is unique.

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/