Prime Waterfront Office Property Across From Balboa Island Acquired by Shopoff Realty Investments and Invesco Real Estate
November 30 2015 - 3:47PM
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.
About Invesco
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
Disclosures
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.
Contact:
Jill Swartz
Spotlight Marketing Communications
949.427.5172, ext. 701
jill@spotlightmarcom.com
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