Fullerton, Calif. – September 21, 2023 – Shopoff Realty Investments (“Shopoff”) has sold the hard corner of the current Sunrise Village Shopping Center located in the City of Fullerton, California. The sold property includes the Del Taco drive-thru ground lease, and a 6,355-square-foot three-tenant pad, with current lessees, Papa John’s Pizza, Sunrise Optometry, and Coffee Code. The buyer is Dream ERE: Real Estate, a local Orange County investor.
“This is a prime retail asset in Orange County that benefits from the high-traffic intersection of Euclid and Rosecrans, as well as the nearby established housing communities,” explained Shopoff President and CEO William A. Shopoff. “Further strengthening this retail asset will be Shopoff’s residential development, The Pines at Fullerton, that was approved to be built on the adjacent site, providing additional consumers in walking distance of this corner retail.”
In January 2023 Shopoff received unanimous approval for the redevelopment of the aging Sunrise Village Shopping Center, with approval for The Pines at Fullerton, a mixed-use development of 113 homes including 49 small lot detached homes, 64 townhouses, and 23,000 square feet of neighborhood retail uses. With the sale of the corner retail, 2.69 acres of retail pads remain for sale.
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 31-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, the entitlement of land assets, and development projects. The 31-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.
Disclosures
This is not an offering to buy or sell any securities. Such an offer may only be made through the offering 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 are offered through Shopoff Securities, Inc. member FINRA/SIPC, 18565 Jamboree Road, Suite 200, Irvine, CA 92612, (844) 4-SHOPOFF.
