La Quinta, Calif., June 27, 2016 (GLOBE NEWSWIRE) -- Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced today that that the company has acquired a 22-acre vacant site in La Quinta, Calif., for $7.25 million. Shopoff Realty Investments intends to entitle the property for a mixed-use development with commercial and residential real estate.
The property is located at the southwest corner of La Quinta Drive and Auto Center Drive, one block from Highway 111, and is also accessible from Adams Street. Nearby developments include the La Quinta Resort & Club, the Rancho La Quinta Golf Club and Lake La Quinta, as well as numerous restaurants and shopping venues.
“This is an excellent asset in a prime location in Coachella Valley, approximately 25 miles from Palm Springs, and surrounded by high quality developments,” said Shopoff Realty Investments Chief Executive Officer William Shopoff.
“Our team will employ our specialized expertise to transform this vacant lot into a more valuable property that will greatly enhance the local community,” added Shopoff Realty Investments Executive Vice President John Santry.
About Shopoff Realty Investments
Shopoff Realty Investments has a 24-year history of over 100 programs and 529 investments, of which more than 488 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 23,000 parcels and lots, 77,000 multifamily units, and 6 million square feet of commercial properties, with an aggregate value in excess of $11 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