Riverside County Superior Court Rules in Favor of Shopoff Realty Investments' San Gorgonio Crossing Industrial Project

The Court ruled to dismiss the challenges to the project, moving the project forward and solidifying its previous approvals

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Shopoff Realty Investments

Jul 20, 2020, 14:06 ET

IRVINE, Calif., July 20, 2020 /PRNewswire/ -- Shopoff Realty Investments ("Shopoff"), a national manager of opportunistic and value-add real estate investments, announced today that its San Gorgonio Crossing industrial project will move forward, after a court ruling has now finalized and affirmed all previous project approvals. The announcement comes after the Riverside County Superior Court ruled to dismiss all previous challenges to the project.

Located in the Cherry Valley area of Riverside County, the property consists of 244 acres, with Shopoff's secured entitlements allowing for a 1.8-million-square-foot logistics center – a well-suited use given the property's close proximity to Interstate 10.

"After receiving project approvals in October 2017, we are pleased to finally be able to move this fantastic project forward, helping to fill a void in this marketplace for large distribution warehouse buildings," said Shopoff Realty Investments President and Chief Executive Officer William Shopoff. "As the shift to online retail continues, further strengthened by the recent stay-at-home orders, the need for large scale warehouse buildings will only continue to grow across Southern California in the coming years."

In October 2017, the Riverside County Board of Supervisors approved the project, which was subsequently challenged by two groups who raised 39 claims against the project. The case was heard in the California Superior Court on February 7, 2019, and the judge ruled favorably for the project by upholding the project approvals and associated Environmental Impact Report (EIR). Out of the 39 claims by the project's opposition, the judge required Shopoff to further evaluate only two limited issues, which pertained to the incorporation of solar panels and analysis of transportation energy use.

Brian Rupp, executive vice president of development at Shopoff Realty Investments added, "To properly address the two remaining project concerns, we prepared a supplemental environmental impact report (SEIR), which included additional technical studies that maximized the use of solar panels, and evaluated strategies for transportation energy use requirements. Based on the revised design, the buildings will offset 100% of their electric use with clean solar energy."

The SEIR, including the additional technical studies, went back to Riverside County for review by County staff and ultimately received unanimous approval by the Riverside County Board of Supervisors in May 2020. The project then went before Judge Ottolia at the Superior Court, with the Judge officially dismissing the case on July 7th, 2020, and ultimately affirming the project and previous approvals.

Rupp added, "With the County's official approval secured, we believe this project will be very well-positioned to serve as a distribution center for cargo coming out of both the Los Angeles and Long Beach ports. The project also has great potential to benefit the surrounding community by creating thousands of jobs, and ultimately stimulating this local economy."

About Shopoff Realty Investments
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 proactively 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). 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.

Disclosures
This is not an offering to buy or sell any securities. Such offer may only be made through the offerings 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 offered through Shopoff Securities, Inc. member FINRA/SIPC, 2 Park Plaza, Suite 770, Irvine, CA 92614, (844) 4-SHOPOFF.

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SOURCE Shopoff Realty Investments