Shopoff and Argosy Purchase 20-Acre California Site for Redevelopment
Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, and funds managed by Argosy Real Estate Partners, have acquired a 20.5-acre property in Anaheim, California for redevelopment to residential use. This is the third land development opportunity that Shopoff has undertaken in the City of Anaheim.
Located at 901 E. South Street in the Anaheim Colony area, the property is within walking distance of the Anaheim Packing District, the area’s popular, artisan-based multi-eatery dining establishment. The property includes a 356,000-square-foot distribution warehouse and office space that will be revamped into a residential development. The seller of the property has been retained as a tenant and will lease the property for the next 15 months.
“The sale-leaseback structure of the acquisition provides cash flow during the entitlement phase of the new residential project,” said John Santry, executive vice president of Shopoff Realty Investments Land Division. “The proposed replacement of this large warehouse facility with a beautifully designed residential development will follow the City of Anaheim’s current Residential Opportunity Overlay Zone for the area.”
“This is an excellent opportunity to develop an asset in an emerging area of one of the most sought after submarkets in Southern California,” said Shopoff Realty Investments chief executive officer William Shopoff. “We are very pleased to once again partner with Argosy Real Estate Partners, a high caliber company with an excellent reputation.”
Argosy Real Estate Partners specializes in opportunistic real estate investments in the lower middle market, serving institutional investors, family offices and high net worth individuals. The firm is currently investing its fourth real estate fund and manages a portfolio of more than $900 million in gross real estate asset value and undrawn equity commitments.
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.