Shopoff Closes $40 Million California Fund
Shopoff Realty Investments, a manager of opportunistic and value-add real estate investments, announced that the company has closed its Shopoff OC Development Fund, a private placement launched in July 2022 with an original maximum offering amount of $31 million.
The fund was fully subscribed for approximately $40 million, completed more than two months before the scheduled closing date, according to Shopoff. The fund will provide equity to secure entitlements for the future development of a 26-acre mixed-use neighborhood, as part of the Westminster Mall redevelopment, in Westminster, California.
“The early closing of this fund demonstrates the need for quality investment options in today’s volatile market,” explained Shopoff Realty Investments president and CEO William Shopoff. “This offering brought a unique opportunity for accredited investors, with a mall redevelopment project in a stellar location in coastal Orange County that is further bolstered by the city’s need to fulfill state housing requirements. We were pleased by how well received this investment opportunity was by the broker-dealer and RIA communities and appreciate the continued support of our partners.”
As The DI Wire previously reported in July 2022, Shopoff acquired two parcels of the Westminster Mall, a regional mall in Southern California.
Subsequently, Shopoff submitted a proposal to the city for a mixed-use redevelopment plan in April 2023. Branded as ‘Bolsa Pacific at Westminster,’ Shopoff is seeking approval for the future development of 102 for-sale townhomes, 1,065 multifamily rental units, a 175-room hotel, approximately 21,500 square feet of retail and restaurant space, and 2.5 acres of park/open space. To create additional value, Shopoff is evaluating including a double-sided billboard on the site that would have visibility from the 405 Freeway, among other value-creating opportunities under consideration.
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 31-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, the entitlement of land assets and development projects. Their history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group).
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