Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, has acquired the Mead Valley Quarry, a 577-acre vacant land site in unincorporated Riverside County, Northwest of the City of Perris, California.
“This purchase presented an excellent opportunity to acquire a large piece of raw land in Riverside County,” said Shopoff Realty Investments CEO William Shopoff. “Due to the site’s designation by the State of California as MRZ-2, or an area containing mineral resources of prime importance, we are planning to entitle a portion of the property for quarry operations. Additionally, we are considering selling a portion of the site for a non-quarry use, and will investigate donating a portion for habitat conservation easements as well.”
The property is located at the intersection of Rider Street and Seaton Avenue, providing easy access via Interstate 215. It is also within a few miles of Lake Perris.
“This is a unique land investment opportunity for the Shopoff team, one where the value is provided by what is in the ground, rather than what could be built upon the ground,” added Shopoff Realty Investments Executive Vice President John Santry. “We will utilize our team’s expertise in the entitlement process and experience in the jurisdiction to maximize the value of the property.”
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 generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 25-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group). According to filings with the Securities and Exchange Commission, Shopoff sponsors a number of private programs including Shopoff Commercial Grwoth & Income Fund and Shopoff Land Fund.