Shopoff Closes OC Development Fund Two Months Early

Shopoff Realty Investments said Monday that it had closed its Shopoff OC Development Fund (the “Fund”). The Fund was fully subscribed for approximately $40 million, completed more than two months before the scheduled closing date. The fund will provide equity to secure entitlements for the future development of a 26-acre mixed-use neighborhood, as part of the Westminster Mall redevelopment in Westminster.

“The early closing of this fund demonstrates the need for quality investment options in today’s volatile market,” said Shopoff Realty Investments President and CEO William Shopoff. “This offering brought a unique opportunity for accredited investors, with a mall redevelopment project in a stellar location in coastal Orange County that is further bolstered by the city’s need to fulfill state housing requirements. .”

In 2022, Shopoff acquired two parcels of the Westminster Mall, a regional mall. The property includes a former Sears and a Macy’s that is currently operating. Subsequently, Shopoff submitted a proposal to the city for a mixed-use redevelopment plan in April 2023.

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