After Focus on Underground Pursuits, Shopoff Parts with Mead Valley Quarry
Shopoff Realty Investments recently sold Mead Valley Quarry comprising 577 acres of vacant land located in unincorporated Riverside County. The property was purchased for $23 million by San Diego-based developer Lansing Companies.
The property was previously used for surface mining of granite rock, but has not been actively mined for several decades. After its purchase, Shopoff completed surveying and testing to determine potential uses for the property. With the land rich in valuable high-grade aggregate materials, Shopoff began crafting a strategy to secure vested mining rights for the property so it could be later developed into an operational aggregate rock quarry.
“Mead Valley Quarry was a unique opportunity for our team to focus on what was in the ground, rather than what we could build on top of it,” says William Shopoff, Shopoff Realty Investments president and chief executive officer. “Over the last few years, we had worked closely with our team to secure vested mining rights and determine how this land could be elevated to its highest and best use. After receiving the unsolicited offer resulting in the mutually beneficial sale, we are thrilled to be able to refocus our efforts to our next project and look forward to seeing what the future holds for this unique property.”
The property is located northwest of Perris at the intersection of Rider Street and Seaton Avenue, providing access via Interstate 215.