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2/10/17
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Shopoff Realty Investments, in a venture with an Argosy Real Estate Partners-managed fund, have acquired a 20.5-acre property in Anaheim for redevelopment to residential use. This is the third land development opportunity that Shopoff has undertaken in the city of Anaheim.
The property is currently improved with a 356.2k sf distribution warehouse and office space. The corporate seller has been retained as a tenant and will lease the property for the next 15 months.
The property is located at 901 E. South St, in the Anaheim Colony area of Anaheim. It is within walking distance of the Anaheim Packing District, the area’s popular, artisan-based multi-eatery dining establishment.
“The sale-leaseback structure of the acquisition provides cash flow during the entitlement phase of the new residential project,” added John Santry, executive vice president of Shopoff Realty Investments Land Division. “The proposed replacement of this large warehouse facility with a beautifully designed residential development will follow the City of Anaheim’s current Residential Opportunity Overlay Zone for the area.”
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