Shopoff Realty Investments Acquires Major Newport Beach, California, Office Complex
"This is a rare opportunity to acquire a value-add property in a very exclusive location in coastal Orange County," said Shopoff Realty Investments CEO William Shopoff. "We were pleased that our unique relationships and capabilities led to the sourcing of this asset and the ability to complete the complex transaction successfully."
According to company officials, featuring lush landscaping, an elevator and abundant common parking, the property is leased by CommerceWest Bank, DynTek and Johnson Attorneys Group. The building was 44 percent vacant at the time of acquisition, in a market with an 8.5 percent vacancy rate and rents forecasted to grow 33.5 percent over the next five years.
"We are employing our strategic plan to actively lease up the property and to increase rents that are currently below market rates," commented Executive Vice President David Placek. "With high market occupancy, upward momentum on rental rates and an attractive location, this asset is well positioned to be stabilized in the near future."
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