Shopoff Realty Investments Acquires 11.9 Additional Acres of Westminster Mall, for $49 Million
Shopoff previously acquired the Mall's 14-acre former Sears building in July 2022.
WESTMINSTER, Calif., Aug. 29, 2022 /PRNewswire/ -- Shopoff Realty Investments ("Shopoff"), announced today the acquisition of an 11.9-acre parcel of Westminster Mall, in Westminster, California, which included an operating department store. The $49 million purchase was a sale, with a lease back to the seller.
Shopoff previously purchased a 14.1-acre parcel of Westminster Mall, including a now-vacant former Sears store, in July 2022. The property was purchased for $46.3 million from Seritage Growth Properties.
"This purchase provides a very unique opportunity for our firm, as we now own a 26-acre piece of real estate in coastal Orange County, a significantly high-barrier-to-entry market," explained Shopoff President and CEO William Shopoff. "Under the lease-back agreement, Macy's will continue to operate its existing retail location in the space, and we will continue to work with the City of Westminster on the redevelopment of this property."
The Westminster Mall houses approximately 1.3 million square feet of retail on approximately 90 acres, anchored by Target, JCPenney and Macy's. The site features direct freeway access to I-405 and is located in a central area of the county, surrounded by various residential development that provides a steady customer base for the property. It is also only a 15-minute drive from Huntington State Beach, 7.5 miles from Knott's Berry Farm, 12 miles from the Irvine Business Complex, and less than 13 miles from the Port of Long Beach.
Mavik Capital Management, an opportunistic investment firm, provided $20 million in strategic financing in connection with the acquisition as well as Shopoff's earlier acquisition of the former Sears store. Hankey Capital, a bridge lender based in Los Angeles, provided senior financing for the initial acquisition for the planned redevelopment of this portion of the Westminster Mall. Mark Strauss and Rob Quarton with Walker & Dunlop's Irvine office procured the senior debt on behalf of the sponsorship. Lee Aarons with Land Advisors Organization's Century City office represented Shopoff Realty Investments in the acquisition of the property.
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 30-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 30-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, 18565 Jamboree Road, Suite 200, Irvine, CA 92612, (844) 4-SHOPOFF.
Contact:
Jill Swartz
Spotlight Marketing Communications
949.427.1389
[email protected]
SOURCE Shopoff Realty Investments
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