Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced that, in partnership with a national home builder, it has acquired a 13.75-acre property in Buena Park, Calif,, that it plans to re-entitle for residential use. The property is currently occupied by Amway Corporation with a corporate sale-leaseback in place.
The project is located in Orange County, with direct access to the major thoroughfare Beach Blvd., adjacent to the Metrolink line and less than a mile from both the Interstate 5 and State Route 91 freeways. The property is currently developed with two industrial buildings totaling approximately 370,031 square feet of space.
The city is supportive of Shopoff’s plans to re-entitle the site for residential use, which is anticipated to streamline the approval process.
“Buena Park offers a tremendous opportunity for strategic redevelopment,” said Shopoff Realty Investments President and CEO William Shopoff. “This acquisition allows us to capitalize on a prime Orange County location with significant accessibility and strong demand for new housing options. We’re excited to be moving forward with the entitlement process for the proposed residential community.”
A total of $49 million in acquisition financing for the project was secured with support from JLL Capital Markets. The JLL Capital Markets debt advisory team representing the borrower was led by Senior Director Jamie Kline and Associate Kyle White.
