MLK Real Estate Capital (MLK) arranged $26.5 million in bridge financing for Shopoff Realty Investments and Argosy Real Estate Partners on their latest acquisition of a 20.5 acre property in Anaheim, CA for redevelopment to residential uses.
The property consists of two industrial zoned land parcels totaling approximately 20.5 acres, improved with a distribution warehouse and office space totaling 356,187 square feet in the city of Anaheim, County of Orange, in Southern California. The corporate seller has been retained as a tenant and will lease the property for the next fifteen months.
The property is located at 901 E South Street in the Anaheim Colony area of Anaheim within walking distance of the Anaheim Packing District, the area’s popular, artisan-based multi-eatery dining establishment.
MLK Real Estate Capital was able to arrange the financing due to the strong property location and impressive track record of the sponsor.
MLK Managing Principal Solomon Kinraich commented, “This was an attractive financing opportunity due to its location in Anaheim, and based on shifting demographics and population trends, there is a strong need for additional residential product in the area. This was a unique bridge financing assignment due to its many moving parts including a sale leaseback of a single tenant industrial operator.”
“This is an excellent opportunity to develop an asset in an emerging area of once of the most sought after submarkets in Southern California,” said Shopoff Realty Investments Chief Executive Officer William Shopoff. “We are very pleased to once again partner with Argosy Real Estate Partners, a high caliber company with an excellent reputation.” The proposed replacement of this large warehouse facility with a beautifully designed residential development will follow the City of Anaheim’s current Residential Opportunity Overlay Zone for the area.