Shopoff Realty Investments, a manager of opportunistic and value-add real estate investments, announced plans to redevelop the Westminster Mall in Orange County, California into a 26-acre mixed-use property.
As The DI Wire previously reported in July 2022, Shopoff purchased a 14.1-acre parcel of Westminster Mall in Westminster, California, which includes a now-vacant former Sears store. The property was purchased for $46.3 million from Seritage Growth Properties. In August 2022, Shopoff acquired an additional 11.9-acre parcel of the Westminster Mall, which included an operating Macy’s department store. The $49 million purchase was a sale, with a lease back to the seller.
Shopoff says the project will include housing, walkable green spaces, dining, retail and a hotel in place of the old Sears and Macy’s stores.
The company plans to break ground on the new project, named Bolsa Pacific at Westminster, in 2025. The entire transformation is set to include more than 1,000 apartments across three buildings; 100 for-sale townhomes; a 175-room hotel; 25,000 square feet of retail stores; a food hall; and 2.5 acres of green space, including an amphitheater, dog park, pickleball courts and food kiosks.
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 30-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 30-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group).
Click here to visit The DI Wire directory page.