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Shopoff Sells Riverside Quarry for $23M

Shopoff Realty Investments, an Irvine-based manager of real estate investments, said it sold Mead Valley Quarry, comprising 577 acres of vacant land located in unincorporated Riverside County, for $23 million to San Diego-based developer Lansing Companies.  

The property was historically used for surface mining of granite rock, but had not been actively mined for several decades, Shopoff said. After purchasing the land, Shopoff completed surveying and testing to determine potential uses for the property.  

“Mead Valley Quarry was a unique opportunity for our team to focus on what was in the ground, rather than what we could build on top of it,” Shopoff Realty Chief Executive Officer William Shopoff said in a statement. “Over the last few years, we had worked closely with our team to secure vested mining rights and determine how this land could be elevated to its highest and best use. After receiving the unsolicited offer, resulting in the mutually beneficial sale, we are thrilled to be able to refocus our efforts to our next project.” 

The property is located northwest of the City of Perris at the intersection of Rider Street and Seaton Avenue, providing access via Interstate 215. 


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Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
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