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8/23/16
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Shopoff Realty Investments has acquired 28.6 acres of land in Huntington Beach for redevelopment. The site, currently home to a former oil storage tank farm and pumping facility, sold for $26.5 mil.
The property, located at the intersection of Magnolia St and Banning Ave, 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.”
The company intends to have the oil tanks removed and take additional efforts, if needed, to clean up the site. They’ve not identified specific plans for the site, other than to state it will be a mixed-use development that will better serve the community by providing improved aesthetics and services.
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