IRVINE, Calif., Oct. 9, 2023 /PRNewswire/ — Shopoff Realty Investments (“Shopoff”), a national manager of opportunistic and value-add real estate investments, announced today that the company has closed its Shopoff OC Development Fund (the “Fund”). The Fund was fully subscribed for approximately $40 million, completed more than two months before the scheduled closing date. The Fund will provide equity to secure entitlements for the future development of a 26-acre mixed-use neighborhood, as part of the Westminster Mall redevelopment, in Westminster, California.
“The early closing of this Fund demonstrates the need for quality investment options in today’s volatile market,” explained Shopoff Realty Investments President and CEO William Shopoff. “This offering brought a unique opportunity for accredited investors, with a mall redevelopment project in a stellar location in coastal Orange County that is further bolstered by the city’s need to fulfill state housing requirements. We were pleased by how well received this investment opportunity was by the broker-dealer and RIA communities and appreciate the continued support of our partners.”
In 2022, Shopoff acquired two parcels of the Westminster Mall, a regional mall in Westminster, California. The property includes a former Sears and a Macy’s that is currently operating. Subsequently, Shopoff submitted a proposal to the city for a mixed-use redevelopment plan in April 2023. Branded as ‘Bolsa Pacific at Westminster,’ Shopoff is seeking approval for the future development of 102 for-sale townhomes, 1,065 multifamily rental units, a 175-room hotel, approximately 21,500 square feet of retail and restaurant space, and 2.5 acres of park/open space. To create additional value, Shopoff is evaluating including a double-sided billboard on the site that would have visibility from the 405 Freeway, among other value-creating opportunities under consideration.
For more information about the project, please visit www.bolsapacific.com.
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 31-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties, the entitlement of land assets, and development projects. The 31-year history includes operating as Asset Recovery Fund, Eastbridge Partners, and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame, with certain offerings generating losses. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
This is not an offering to buy or sell any securities. Such an offer may only be made through the offering memorandum to qualified purchasers. Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. There is no assurance that any strategy will succeed to meet its investment objectives. The performance of this asset is not indicative of future results of other assets. Securities are offered through Shopoff Securities, Inc. member FINRA/SIPC, 18565 Jamboree Road, Suite 200, Irvine, CA 92612, (844) 4-SHOPOFF.
Spotlight Marketing Communications
SOURCE Shopoff Realty Investments
Originally published at https://www.prnewswire.com/news-releases/shopoff-realty-investments-shopoff-orange-county-development-fund-raises-40-million-closes-two-months-early-301950224.html
Images courtesy of https://pixabay.com