Shopoff Realty Investments has announced that it has made a partnership with Invesco Real Estate in order to acquire the 35,000-square-foot Bayside Square in Newport Beach, California.
"Bayside Square is a one-of-a-kind property, in a location unlike almost any other, at the heart of some of the most desirable and expensive real estate in the country," said William Shopoff, chief executive officer of Shopoff Realty Investments. "Our company envisions multiple strategies to unlock the hidden value of this asset."
According to their press release in Globe Newswire, the acquired asset is situated directly on the water that overlooks the beautiful Bayside Marina at the foot of the bridge going to the much celebrated Balboa Island.
"We're excited about the ability to align our opportunistic capital with a first class, specialized partner in a truly irreplaceable location," said Chase Bolding, an investment officer with Invesco Real Estate.
Nasdaq reported that the partnership was also made in order to explore opportunities that can enhance the long-term value of the property, while maintaining and continuously improving the current operations of the office building.
"Once we have completed our business plan, we will improve public access, as well as enhance this property's position within the neighborhood," added John Santry, executive vice president of Shopoff Realty Investments Land Division. "We intend to streamline operations and efficiently manage the office building throughout the process."
Shopoff Realty Investments is a real estate investment firm that specializes in offering qualified clients diversified long-term investment opportunities that can be used to create a customized portfolio consistent with their unique financial profiles and goals. Our clients comprise a wide range of investors and joint venture partners that include banks, developers, builders, high-net-worth individuals, and the public in general.
Invesco Real Estate (IRE), established in 1983, manages global investments in direct real estate, real estate securities including equity and debt, infrastructure securities, and master limited partnerships (MLPs).
