MISSION VIEJO, Calif., Oct. 12, 2015 (GLOBE NEWSWIRE) -- Shopoff Realty Investments announced today that the company has acquired Los Alisos Village, a 31,400-square-foot community retail property in Mission Viejo, Calif. The acquisition was capitalized through co-investments from two Shopoff affiliated funds.
Los Alisos Village, constructed in 1982 and situated on approximately 4.5 acres, is currently 91 percent leased, with tenants including AutoZone, Baskin Robbins, Taco Mesa and a number of other local businesses, some with leases dating back to the early 1990’s. As part of its value-add strategy to create event-driven appreciation, Shopoff plans a complete renovation of the exterior of the property, which should enhance visibility of the center and its tenants. When the improvements and repositioning are substantially completed, Shopoff intends to sell the asset to a buyer of stabilized real estate.
“Los Alisos Village is located in a premier south Orange County location,” said William Shopoff, chief executive officer of Shopoff Realty Investments. “The renovation we have planned will allow us to improve the occupancy and rental rates at the property as well as attract a more regional and national tenant base, increasing the net income for the asset and the value of the property.”
The property is set in an open-air layout, which provides a pedestrian-friendly atmosphere. The center is positioned at the intersection of Los Alisos Boulevard and Trabuco Road, centrally located within Mission Viejo.
“This retail space has a seasoned tenant base in the center of affluent Orange County—Mission Viejo is a market area with limited vacancy,” said Executive Vice President of Shopoff Realty Investments’ Commercial Property Division David Placek. “In addition to the current tenants, we look forward to renovating and expanding this well-known neighborhood shopping complex by adding more than 1,500 square feet of leasable space to further enhance property revenue and value.”
About Shopoff Realty Investments
Shopoff Realty Investments has a 23-year history of over 100 programs and 526 investments, of which more than 486 have gone full cycle with an average holding period of 2.7 years. Shopoff Realty Investments and its executive leadership have completed more than 5,000 real estate transactions, including the acquisition, management, entitlement and development of more than 10,000 parcels and lots, 50,000 multifamily units, and 5 million square feet of commercial properties, with an aggregate value in excess of $4 billion. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
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. This is not an offering to buy or sell any securities. Such offer may only be made through the offerings memorandum to qualified purchasers. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 2 Park Plaza, Suite 1120, Irvine, CA 92614, (844) 4-SHOPOFF.
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Source: Shopoff Realty Investments