HUNTINGTON BEACH, Calif., Aug. 22, 2016 (GLOBE NEWSWIRE) — Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced today that the company has acquired 28.6 acres of land in Huntington Beach, Calif. for redevelopment for $26.5 million. The site is currently home to a former oil storage tank farm and pumping facility.
The property is located at the intersection of Magnolia Street and Banning Avenue and is situated 400 yards from the entrance to the Huntington State Beach on Pacific Coast Highway. Additionally, the property has coastal and ocean views across the Huntington Beach Channel and the beautifully restored Magnolia and Brookhurst Marshes of the Huntington Beach Wetlands Conservancy.
“We intend to employ our expertise and creative planning to transform this now former oil terminal consisting of three 500,000 barrel tanks (approximately 63 million gallons) into a thriving new mixed-use development featuring a visitor-serving resort and commercial and residential components,” said William Shopoff, chief executive officer of Shopoff Realty Investments. “The land parcel is in a phenomenal location with close proximity to the Pacific Ocean. Redevelopment of a site like this is a challenge on many fronts, but creates incredible opportunities, making it an ideal project for our unique team of value-add experts.”
“We intend to have the oil tanks removed and take additional efforts, if needed, to clean up the site, and provide a development that really enhances the local community,” added John Santry, executive vice president of Shopoff Realty Investments Land Division. “We believe that the replacement of this large industrial facility with a beautifully designed mixed use development will better serve the community by providing improved aesthetics and services.”
About Shopoff Realty Investments
Shopoff Realty Investments has a 24-year history of over 100 programs and 529 investments, of which more than 488 have gone full cycle with an average holding period of 2.7 years. Shopoff Realty Investments and its executive leadership have completed more than 5,000 real estate transactions, including the acquisition, management, entitlement and development of more than 23,000 parcels and lots, 77,000 multifamily units, and 6 million square feet of commercial properties, with an aggregate value in excess of $11 billion. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
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. This is not an offering to buy or sell any securities. Such offer may only be made through the offerings memorandum to qualified purchasers. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 2 Park Plaza, Suite 1120, Irvine, CA 92614, (844) 4-SHOPOFF.
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