August 24, 2016
Irvine, CA-based Shopoff Realty Investments acquired 28.6 acres of land in Huntington Beach, CA for $26.5 million. Shopoff envisions transforming a former oil terminal into a thriving $500-million mixed-use development, featuring a visitor-serving resort, as well as commercial and residential components.
The property is located at the intersection of Magnolia St. and Banning Ave., 400 yards from the entrance to the Huntington State Beach on PCH. Shopoff plans to remove three 500,000 barrel tanks (approximately 63 million gallons), and clean up the site, if needed.
Shopoff Realty Investments’ William Shopoff says, “The land parcel is in a phenomenal location, with close proximity to the Pacific Ocean. Redevelopment of a site like this is a challenge on many fronts, but creates incredible opportunities, making it an ideal project for our unique team of value-add experts.”
For comments, questions or concerns, please contact Dennis Kaiser