Shopoff Realty Investments said Wednesday that in partnership with a national home builder, it has acquired a 13.75-acre property in Buena Park that it plans to re-entitle for residential use. The property is currently occupied by Amway Corporation with a corporate sale-leaseback in place.
The property is currently developed with two industrial buildings totaling approximately 370,031 square feet. The City of Buena Park supports Shopoff’s plans for re-entitlement, which is anticipated to streamline the approval process.
“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.”
A total of $49 million in acquisition financing was secured with support from JLL Capital Markets. The JLL debt advisory team representing Shopoff was led by senior director Jamie Kline and associate Kyle White.
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