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| William Shopoff |
Anaheim, CA – Shopoff
Realty Investments, a national manager of opportunistic and value-add real
estate investments, announced 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.”
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| John Santry |
“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.”
Disclosures
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.
For a complete
copy of the company’s news release, please contact:
Julie Leber
Spotlight Marketing
Communications
949.427.5172, ext.
703
or call (844) 4-SHOPOFF.
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