Shopoff Realty Investments, a manager of opportunistic and value-add real estate investments, has 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.
The Westminster Mall houses approximately 1.3 million square feet of retail on approximately 90 acres, anchored by Target, JCPenney, and Macy’s. Shopoff said that the acquisition represents an opportunity to own a “significant” site in a high-barrier-to-entry market in coastal Orange County, California.
The site is located in a central area of Orange County and is surrounded by various residential developments that provide a customer base for the property. It is a 15-minute drive from Huntington State Beach, 7.5 miles from Knotts Berry Farm, 12 miles from the Irvine Business Complex, and less than 13 miles from the Port of Long Beach.
“As the owners of various retail and commercial properties across the country, being able to purchase a portion of the iconic Westminster Mall is an exciting opportunity for our firm,” explained Shopoff President and CEO William Shopoff. “We look forward to working with the City of Westminster to determine the future of this fantastic property, and ultimately breathing new life into the property for the City and its residents.”
Mavik Capital Management, an opportunistic investment firm, provided $20 million in financing in connection with the acquisition. Hankey Capital, a bridge lender based in Los Angeles, “provided senior financing for the initial acquisition for the planned redevelopment of this portion of the Westminster Mall,” the company said. Mark Strauss and Rob Quarton with Walker & Dunlop’s Irvine office procured the senior debt on behalf of the sponsorship.
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).