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| William Shopoff |
Huntington Beach, CA – Shopoff Realty
Investments, a national manager of opportunistic and value-add real estate
investments, announced the company has acquired 28.6 acres of land in
Huntington Beach, Calif. for redevelopment for $26.5 million. The site is
currently home to a former oil storage tank farm and pumping facility.
The property is located at
the intersection of Magnolia Street and Banning Avenue and is situated 400
yards from the entrance to the Huntington State Beach on Pacific Coast Highway.
Additionally, the property
has coastal and ocean views across the Huntington Beach Channel and the
beautifully restored Magnolia and Brookhurst Marshes of the Huntington Beach
Wetlands Conservancy.
“We intend to employ our
expertise and creative planning to transform this now former oil terminal
consisting of three 500,000 barrel tanks (approximately 63 million gallons)
into a thriving new mixed-use development featuring a visitor-serving resort and
commercial and residential components,” said William Shopoff, chief executive officer of Shopoff Realty
Investments.
“The land parcel is in a
phenomenal location with close proximity to the Pacific Ocean. Redevelopment of
a site like this is a challenge on many fronts, but creates incredible
opportunities, making it an ideal project for our unique team of value-add
experts.”
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| John Santry |
“We intend to have the oil
tanks removed and take additional efforts, if needed, to clean up the site, and
provide a development that really enhances the local community,” added John Santry, executive vice president
of Shopoff Realty Investments Land Division.“
We believe that the
replacement of this large industrial facility with a beautifully designed mixed
use development will better serve the community by providing improved
aesthetics and services.”
For a complete copy of the company’s news release,
please contact:
Jill Swartz
Spotlight Marketing
Communications
949.427.5172, ext. 701
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