NEWPORT BEACH, Calif., Nov. 30, 2015 (GLOBE NEWSWIRE) -- Shopoff Realty Investments announced today that the company has partnered with Invesco Real Estate to acquire Bayside Square, a 35,000-square-foot office building, in Newport Beach, Calif.
The asset is uniquely situated directly on the water overlooking beautiful Bayside Marina at the foot of the bridge to prestigious Balboa Island. The partnership intends to maintain and improve upon the current operations of the office building, while exploring opportunities to enhance long-term value.
“Bayside Square is a one-of-a-kind property, in a location unlike almost any other, at the heart of some of the most desirable and expensive real estate in the country,” said William Shopoff, chief executive officer of Shopoff Realty Investments. “Our company envisions multiple strategies to unlock the hidden value of this asset.”
“We’re excited about the ability to align our opportunistic capital with a first class, specialized partner in a truly irreplaceable location,” said Chase Bolding, an investment officer with Invesco Real Estate.
“Once we have completed our business plan, we will improve public access, as well as enhance this property’s position within the neighborhood,” added John Santry, executive vice president of Shopoff Realty Investments Land Division. “We intend to streamline operations and efficiently manage the office building throughout the process.”
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.
Invesco Real Estate manages assets of approximately $65.1 billion in direct property, debt and equity, and real estate securities. The firm invests in all the major property types and across the full risk-return spectrum, and currently employs more than 400 people across 20 offices worldwide. Established in 1983, Invesco Real Estate is based in Dallas, TX and is an investment center of Invesco Ltd. (NYSE:IVZ).
*Assets under management as of March 31, 2015
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