#USA #Shopoff Realty #Buena Park #Residential Development

Shopoff Realty Investments Expands in Buena Park, California

In a significant move for the real estate sector, Shopoff Realty Investments has announced the acquisition of a 13.75-acre property in Buena Park, California. This exciting development is aimed at re-entitling the land for residential use, showcasing a strategic focus on addressing the need for housing in the region. Shopoff Realty, a well-recognized player in the market known for its opportunistic and value-add real estate investments, has partnered with a national home builder for this project.

Strategic Location

Located in Orange County, the property boasts a prime position with significant accessibility. It sits adjacent to the bustling Beach Boulevard, one of the area's major thoroughfares, providing residents easy access to transportation and local amenities. Furthermore, the site is conveniently located near the Metrolink line, with both the Interstate 5 and State Route 91 freeways being less than a mile away. The current design of the property includes two substantial industrial buildings that cover approximately 370,031 square feet.

City Support and Future Plans

The city of Buena Park has expressed its support for Shopoff's ambitious plans to transform this site into residential housing. This endorsement from local authorities is expected to expedite the entitlement process, a crucial step that will facilitate the project's progression towards completion. William Shopoff, the President and CEO of Shopoff Realty Investments, emphasized the tremendous opportunities available in Buena Park for strategic redevelopment. He stated, “This acquisition allows us to capitalize on a prime Orange County location with significant accessibility and strong demand for new housing options.” His vision reflects a broader trend targeting the increasing demand for housing in urban settings, where space is becoming more scarce.

Financial Backing

To fuel this ambitious project, Shopoff has secured acquisition financing amounting to $49 million, courtesy of JLL Capital Markets. The financing not only underlines the trust and confidence investors place in Shopoff but also highlights the project's potential. The debt advisory team from JLL Capital Markets played a crucial role in representing the borrower, led by Senior Director Jamie Kline and Associate Kyle White.

A Glimpse into the Future

As the project moves forward, attention will inevitably focus on how Shopoff Realty navigates the entitlement and development processes. With a firm history that spans over 33 years, Shopoff Realty Investments has built a reputation for adding value through the repositioning of commercial properties and entitling land assets. With a clear focus on creating new residential options in a desirable area, this acquisition aligns perfectly with the company's overarching strategy of proactive growth and sustainable development.

Ultimately, the acquisition by Shopoff Realty Investments signals a bright future for residential development in Buena Park, meeting both the city's housing demands and the company's vision for strategic growth in the competitive real estate market.