Anaheim, Calif. – February 8, 2017 – Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced today that the company and funds managed by Argosy Real Estate Partners, have acquired a 20.5-acre property in Anaheim, Calif. for redevelopment to residential use. This is the third land development opportunity that Shopoff has undertaken in the City of Anaheim.
The property is currently improved with a 356,187-square-foot distribution warehouse and office space. The corporate seller has been retained as a tenant and will lease the property for the next 15 months.
The property is located at 901 E. South Street in the Anaheim Colony area of Anaheim within walking distance of the Anaheim Packing District, the area’s popular, artisan-based multi-eatery dining establishment.
“This is an excellent opportunity to develop an asset in an emerging area of one of the most sought after submarkets in Southern California,” said Shopoff Realty Investments Chief Executive Officer William Shopoff. “We are very pleased to once again partner with Argosy Real Estate Partners, a high caliber company with an excellent reputation.”
“The sale-leaseback structure of the acquisition provides cash flow during the entitlement phase of the new residential project,” added John Santry, executive vice president of Shopoff Realty Investments Land Division. “The proposed replacement of this large warehouse facility with a beautifully designed residential development will follow the City of Anaheim’s current Residential Opportunity Overlay Zone for the area.”
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.