WESTMINSTER, CA – Shopoff Realty Investments has acquired a 14.1-acre parcel of Westminster Mall in Westminster, CA. The real estate firm purchased the property from Seritage Growth Properties for $46.3 million.
The acquired land parcel includes a now-vacant former-Sears store, which offers Shopoff an opportunity for redevelopment.
In connection with the acquisition, investment firm Mavik Capital Management provided Shopoff with $20 million in strategic financing. Los Angeles-based bridge lender Hankey Capital provided Shopoff with senior financing for the initial acquisition and for the planned redevelopment of this portion of the Westminster Mall. Walker & Dunlop's Mark Strauss and Rob Quarton procured the senior debt on behalf of the sponsorship.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
