Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, has sold 15 acres of property recently entitled for a single-family development in Anaheim, California. The sale price was not disclosed.
As previously reported by The DI Wire at the time of acquisition, the property is located at 901 E. South Street and is within walking distance of the Anaheim Packing District, the area’s popular, artisan-based dining establishment.
The property was purchased in a joint venture with Argosy Real Estate Partners in January 2017. The property originally included two industrial-zoned land parcels totaling 20.5 acres with 356,000 square feet of warehouse and office space.
Shopoff secured entitlements for a new mixed-use housing development that would include 314 apartment rentals and 232 attached and detached single-family homes. Shopoff plans to sell the property in two parts, with the apartment-entitled land likely being purchased by another multifamily developer later this year.
“Working closely with the city while diligently following their zoning plan allowed us to secure entitlements in a relatively short period of time for a project of this scale,” explained Shopoff Realty Investments CEO William Shopoff. “Ultimately the new entitlements and subsequent plan created the highest and best use for this property, benefiting area residents as well as adding value to this investment for our partners.”
Throughout the process, the property generated income by being fully leased to the former owner through a sale-leaseback. The current structures on the property will be demolished by the buyer to make way for the new housing development.
Argosy Real Estate Partners specializes in opportunistic real estate investing in multifamily, commercial, lodging and residential opportunities throughout the United States.
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 24-year history of value-add and opportunistic investing across the United States. The company primarily focuses on the repositioning of commercial income-producing properties and the entitlement of land assets.