Shopoff Realty Investments, a manager of opportunistic and value-add real estate investments, has sold the Los Alisos Village shopping center in the Orange County city of Mission Viejo, California for $14.5 million.
Shopoff purchased the 27,000-square-foot retail center in 2015 and performed renovations on the property that included a new façade and roof, updated landscaping and signage, and resurfacing and restriping of the parking lot. Although not disclosed by the company, the approximate purchase price was $11 million, based on publicly available data.
“We worked very closely with the City of Mission Viejo to ensure the renovations and new look of this popular neighborhood shopping center aligned with their plans for the future of this great city,” said William Shopoff, president and chief executive officer. “By bringing this center back to life we were able to add tremendous value to this asset that ultimately attracted a qualified buyer, allowing us to capture appreciation.”
Not included as part of this sale is a parcel that includes a nearly 5,000-square-foot building currently leased to Village Montessori. The school is moving ahead with a purchase of the facility, with the closing scheduled for early 2021.
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 28-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 28-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group).