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Shopoff Realty Investments has sold its 10-acre housing development The Pines at Fullerton to Lennar Homes.
After purchasing the property in 2021, Shopoff received unanimous approval from the city of Fullerton, California, early this year to redevelop a 14-acre shopping center into a 113-home mixed-use project at Euclid Street and Rosecrans Avenue. Retail tenants at the property in 2021 included CVS, Del Taco, Papa Johns, Coffee Code and an optometrist office.
Comprising 49 small-lot detached homes and 64 townhouses, the project also includes 23,000 square feet of neighborhood retail space. Shopoff sold the corner retail space, harboring a drive-thru Del Taco and three adjacent retail pads, and is in the process of selling another 2.7 acres of retail space.
Terms of the sale to Lennar were undisclosed.
Shopoff President and CEO William Shopoff said Lennar will develop the residential community, with “residents benefiting from the property's location as well as its direct access to the neighborhood retail on the site."
Shopof closes Orange County development fund
The Irvine, California-based real estate firm sold the project one day after announcing it was closing its Shopoff Orange County Development Fund, which aims to provide equity for the future development of a 26-acre mixed-use neighborhood in Westminster, California.
Subscribed for approximately $40 million, the fund was completed more than two months before its scheduled closing date. The mixed-use project will be developed on two parcels of the Westminster Mall, which includes a Macy’s and former Sears, bought by Shopoff for $46 million in 2022.
In April, Shopoff also submitted a proposal to Westminster for a mixed-use redevelopment plan, Bolsa Pacific at Westminster. Shopoff is still seeking approval for the future development, which would include 102 townhomes, 1,065 multifamily rental units, a 175-room hotel, 21,500 square feet of retail and restaurant space and 2.5 acres of open space.
