IRVINE, Calif., Dec. 29, 2020 /PRNewswire/ — Shopoff Realty Investments (“Shopoff”), a national manager of opportunistic and value-add real estate investments, announced today that the company has successfully sold the 27,000-square-foot Los Alisos Village shopping center. Located at 22922 Los Alisos Blvd. in the City of Mission Viejo, CA, the center sold for $14.5 million.
Shopoff purchased the property in 2015 and completed a full renovation of the property including new facade, roofs, resurfacing and restriping the parking lot, landscaping, tenant signage and a new monument sign.
“We worked very closely with the City of Mission Viejo to ensure the renovations and new look of this popular neighborhood shopping center aligned with their plans for the future of this great city,” explained Shopoff Realty Investments president and chief executive officer, William Shopoff. “By bringing this center back to life we were able to add tremendous value to this asset that ultimately attracted a qualified buyer, allowing us to capture appreciation.”
A neighborhood shopping center located in the Orange County community of Mission Viejo, the city is consistently recognized as one of the safest in California, and is a business-friendly, master-planned community with outstanding schools and a talented workforce. The center is positioned at a prime intersection in a dense residential area, and approximately one mile east of a cluster of approximately 500,000 square feet of industrial space and business parks.
Shopoff added, “While there is much talk of retail fading as consumers move to online shopping, neighborhood retail centers like Los Alisos Village offer food and other essential items that are tough to replace with online ordering. In fact, the tenants at this center outperformed our expectations for the recession, and that stability aided in a successful sale. Overall, we think the future health and prosperity of this newly renovated property will endure for years to come.”
Not included as part of this sale is a parcel that includes a 4,978-square-foot building currently leased to Village Montessori. The school is moving ahead with a purchase of the facility, with the closing scheduled for early 2021.
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 28-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 28-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.
This is not an offering to buy or sell any securities. Such offer may only be made through the offering’s memorandum to qualified purchasers. 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. There is no assurance that any strategy will succeed to meet its investment objectives. The performance of this asset is not indicative of future results of other assets. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 2 Park Plaza, Suite 770, Irvine, CA 92614, (844) 4-SHOPOFF.
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SOURCE Shopoff Realty Investments