THE OPPORTUNITY

In November 2021, Shopoff acquired 1,463 acres of vacant land in Calimesa, California, near the confluence of the I-10 freeway and 60 highway. This property was purchased for $45 million in a joint venture with Artemis Real Estate.

At the time of acquisition, the project was fully entitled for a maximum of 3,650 residential units, 250,000 square feet of commercial space, two elementary schools, and approximately 565 acres of open space.

HOW SHOPOFF IS ADDING VALUE

A pre-application was submitted to the City of Calimesa outlining a revised land use plan for the prior entitlements, to include the addition of 4.4 million square feet of industrial space. The Amended Tentative Tract Map and Specific Plan Amendment, along with the Development Agreement, were submitted. The City of Calimesa is conducting final reviews of the Tentative Tract Maps for six residential planning areas, along with the Design Plan.

In response to evolving market conditions, the Partnership has elected to pursue vertical development of the industrial component, with Phase I including the construction of two warehouse buildings totaling approximately 1.4 million square feet. Engineering and design activities for Phase I are expected to begin following receipt of entitlements, with horizontal grading and infrastructure work targeted for 2027. The proposed land use plan also includes up to 250,000 square feet of commercial space, which will be phased alongside residential and industrial development, subject to market conditions. Additionally, Mesa Verde plans to provide 50 acres of new public parks, 16 acres of private recreation areas, 14 miles of community trails, and 17 miles of community sidewalks.

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/