Shopoff Realty Investments (“Shopoff”), a national manager of opportunistic and value-add real estate investments, announced today that the company has acquired the ground lease on 7.25 acres of land in La Mirada, California, directly adjacent to Interstate 5.
“Centrally located on the border of Orange and Los Angeles Counties, this property provides an exceptional opportunity to create various commercial-oriented uses that benefit from its I-5 frontage,” explained Shopoff Realty Investments President and Chief Executive Officer William Shopoff. “The Shopoff team will work to create sub-ground leases for uses such as restaurants, convenience stores, gas stations, billboard advertising and more.”
The property is located along Firestone Boulevard, with access to the new Valley View Avenue Bridge, which will provide motorists direct freeway access when completed in 2022.
Shopoff Realty Investments Executive Vice President of Real Estate Brian Rupp added, “With Caltrans investing $1.9 billion to improve this vital corridor, traffic counts are expected to be more than 300,000 a day when improvements are completed early next year. This will add additional value to the property as increased consumer visibility will benefit commercial tenants.”
In addition to freeway access, the property is also located near major population and employment centers, with ample day time traffic from area residents.
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 29-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 29-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.
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