ANAHEIM, Calif., Feb. 8, 2017 /PRNewswire/ -- 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."
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 25-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
About Argosy Real Estate Partners
Argosy Real Estate Partners specializes in opportunistic real estate investments in the lower middle market, serving institutional investors, family offices and high net worth individuals. Through joint venture structures, Argosy partners with entrepreneurial real estate operating partners possessing significant local market knowledge, specific asset class experience, and a demonstrated track record of operating success. Argosy Real Estate Partners, which is currently investing its fourth real estate fund, manages a portfolio of over $900 million in gross real estate asset value and undrawn equity commitments.
This is not an offering to buy or sell any securities. Such offer may only be made through the offerings memorandum to qualified purchasers. Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. There is no assurance that any strategy will succeed to meet its investment objectives. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 2 Park Plaza, Suite 1120, Irvine, CA 92614, (844) 4-SHOPOFF.
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SOURCE Shopoff Realty Investments