NEWPORT BEACH, Calif. (Jan. 9, 2017) – Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced today the company has acquired a three-story, 44,434-square-foot office building located at 4440 Von Karman Ave. in Newport Beach, Calif. The property was acquired for $15.4 million.*
“This is a rare opportunity to acquire a value-add property in a very exclusive location in coastal Orange County,” said Shopoff Realty Investments Chief Executive Officer William Shopoff. “We were pleased that our unique relationships and capabilities led to the sourcing of this asset and the ability to complete the complex transaction successfully ”
Featuring lush landscaping, an elevator and abundant common parking, the property is leased by CommerceWest Bank, DynTek and Johnson Attorneys Group. The building was 44 percent vacant at the time of acquisition, in a market with an 8.5 percent vacancy rate and rents forecasted to grow 33.5 percent over the next five years.
“We are employing our strategic plan to actively lease up the property and to increase rents that are currently below market rates,” commented Executive Vice President David Placek. “With high market occupancy, upward momentum on rental rates and an attractive location, this asset is well positioned to be stabilized in the near future.”
* With a co-investment structure.
Investing in Shopoff Realty Investments limited partnerships involves a high degree of risk, including the possible complete loss of your investment. In addition to being an illiquid investment with an uncertain liquidity date, these investments may have other risks. The past performance of any of Shopoff Realty Investments’ Limited Partnerships is no guarantee of future results. View Risk Factors.