Shopoff Realty Investments Acquires Newport Beach, Calif. Office Building
NEWPORT BEACH, Calif., Jan. 9, 2017
NEWPORT BEACH, Calif., Jan. 9, 2017 /PRNewswire/ — Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced today the company has acquired a three-story, 44,434-square-foot office building located at 4440 Von Karman Ave. in Newport Beach, Calif. The property was acquired for $15.4 million.*
“This is a rare opportunity to acquire a value-add property in a very exclusive location in coastal Orange County,” said Shopoff Realty Investments Chief Executive Officer William Shopoff. “We were pleased that our unique relationships and capabilities led to the sourcing of this asset and the ability to complete the complex transaction successfully.”
Featuring lush landscaping, an elevator and abundant common parking, the property is leased by CommerceWest Bank, DynTek and Johnson Attorneys Group. The building was 44 percent vacant at the time of acquisition, in a market with an 8.5 percent vacancy rate and rents forecasted to grow 33.5 percent over the next five years.
“We are employing our strategic plan to actively lease up the property and to increase rents that are currently below market rates,” commented Executive Vice President David Placek. “With high market occupancy, upward momentum on rental rates and an attractive location, this asset is well positioned to be stabilized in the near future.”
*With a co-investment structure.
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 24-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. 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 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. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 2 Park Plaza, Suite 1120, Irvine, CA 92614, (844) 4-SHOPOFF.
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SOURCE Shopoff Realty Investments