Shopoff Realty Investments has acquired a 13.75-acre industrial property in Buena Park, California, that it plans to turn into a residential development.
The company announced that $49 million in acquisition financing for the project was secured with support from JLL Capital Markets. The property has two industrial buildings totaling approximately 370,031 square feet of space. Amway Corporation is the current tenant at the property and has a corporate sale-leaseback deal.
Shopoff is teaming with an unnamed homebuilding firm on the project. Details on the planned residential development were not disclosed.
“Buena Park offers a tremendous opportunity for strategic redevelopment,” said Shopoff Realty Investments President and CEO William Shopoff. “This acquisition allows us to capitalize on a prime Orange County location with significant accessibility and strong demand for new housing options. We’re excited to be moving forward with the entitlement process for the proposed residential community.”
