Shopoff Sells Approved Housing Development The Pines at Fullerton to Lennar Homes
FULLERTON, Calif., Oct. 10, 2023 /PRNewswire/ -- Realty Investments ("Shopoff") has sold its recently approved housing development, The Pines at Fullerton, to Lennar Homes. The property includes 9.8 acres located at Euclid and Rosecrans in the city of Fullerton, California. Shopoff secured unanimous approval for the 113-home project in January 2023.
"It's no secret that there is a great need for housing throughout Orange County, and especially in well-established communities like Fullerton," explained Shopoff President and CEO William Shopoff. "We are pleased to have been able to work so closely with the City of Fullerton and Fullerton residents on the plan for this fantastic development. We look forward to seeing Lennar develop this into a quality new residential community, with residents benefiting from the property's location as well as its direct access to the neighborhood retail on the site."
In January 2023, Shopoff received unanimous approval from the City of Fullerton for the redevelopment of the aging shopping center encompassing a total of 14 acres, with approval for The Pines at Fullerton. The mixed-use development includes 113 homes, comprised of 49 small lot detached homes and 64 townhouses, and 23,000 square feet of neighborhood retail uses. Shopoff recently sold the corner retail space, including a drive-thru Del Taco and three adjacent retail pads. An additional 2.69 acres of retail pads remain for sale.
Well-located within an established neighborhood of Fullerton, the property location provides convenient access to Imperial Highway (90) to the north, the 57 freeway to the east, the 91 freeway to the south, and Beach Blvd. (39) to the west. In addition, this family-friendly city benefits from several major employers including California State University, Fullerton, which employs over 3,800, the St. Jude Medical Center which employs over 2,900, and Raytheon, with over 1,400 employees.
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.
Disclosures
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.
Contact:
Jill Swartz
Spotlight Marketing Communications
949.427.1389
[email protected]
SOURCE Shopoff Realty Investments
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