Shopoff Realty Investments bought a commercial site in Buena Park occupied by Amway Corp. for $60 million and is now working with the North Orange County city to re-entitle the 13.75-acre property for residential use, the Irvine-based real estate firm announced on Wednesday.
Shopoff, with the assistance of JLL Capital Markets, secured $49 million in acquisition financing.
The property currently has two industrial buildings totaling 370,031 square feet. Amway occupies the space as part of a corporate sale-leaseback agreement. Shopoff is proposing to demolish both buildings and replace them with housing. The Irvine-based real estate company added it partnered with an undisclosed national home builder for the proposed housing project.
“Buena Park offers a tremendous opportunity for strategic redevelopment,” Shopoff Realty Investments President and CEO William Shopoff said in a statement. “This acquisition allows us to capitalize on a prime Orange County location with significant accessibility and strong demand for new housing options. We’re excited to be moving forward with the entitlement process for the proposed residential community.”
See full story in the March 24 print edition.
