Shopoff Realty’s Successful Disposition of 14-Acre Shopping Center in Fullerton
In a significant move in the real estate sector, Shopoff Realty Investments has announced the sale of the final parcel of the 14-acre Sunrise Village neighborhood shopping center in Fullerton, California. This $2.5 million transaction marks a pivotal moment in the company’s strategy, culminating in an impressive total of $58.8 million in dispositions. This retail parcel, currently occupied by a veterinary clinic, is set to be transformed into a fast-casual Korean restaurant, reflecting the area’s evolving culinary landscape.
Visionary Redevelopment Initiative
Shopoff’s journey with the Sunrise Village shopping center began in 2021 when the firm acquired the aging retail property for $26.5 million. This acquisition was not just a financial investment; it was the beginning of a transformative redevelopment initiative aimed at rejuvenating the community. Working closely with the city of Fullerton, Shopoff identified the highest and best use for the property, eventually garnering approvals for a mixed-use development plan. This plan not only includes retail space but also essential housing, designed to enhance the local community’s amenities and services.
Community-Centric Approach
The vision articulated by Shopoff President and CEO, William A. Shopoff, emphasizes a community-first approach. "When we first acquired the property, we saw an opportunity to transform a deteriorating center and create something meaningful for the Fullerton community," he stated. The commitment to the community is evident as the firm navigated regulatory processes and collaborated with local stakeholders to ensure that the redevelopment would benefit both the city’s economy and its residents. For more about Shopoff’s initiatives, visit their official website.
Tenant Transition Support
Upon receiving unanimous approval from the city, Shopoff embarked on the critical task of assisting existing tenants in their transition to new locations. The company negotiated lease buyouts and relocation packages, ensuring minimal disruption for businesses operating within the shopping center. This strategic approach not only helped maintain local businesses during the transition but also fostered goodwill within the community, crucial for long-term success in any redevelopment project.
Residential Development by Lennar Homes
A significant milestone was the sale of a portion of the site dedicated to residential development, named The Pines at Fullerton, to Lennar Homes in October 2023. This portion, covering 9.93 acres, is set to provide 113 new homes, comprising both small-lot detached homes and townhouses. As construction is already underway, the first homes are projected to be completed by 2026, further adding to the area’s housing stock and enhancing the community fabric.
Retail Parcel Sales and Future Prospects
In addition to the residential development, Shopoff has strategically disposed of remaining retail parcels, beginning with the sale of a key 1.42-acre corner retail space, which includes popular service tenants such as a drive-thru Del Taco. The successful sales of two additional parcels in June 2025 demonstrate Shopoff’s ability to maximize value through strategic asset management. Each sale aligns with the overarching goal of revitalizing the shopping center while accommodating modern consumer preferences.
About Shopoff Realty Investments
With over 33 years in the industry, Shopoff Realty Investments is a leading firm in value-add and opportunistic real estate investments. Based in Irvine, California, Shopoff focuses on generating appreciation through repositioning commercial income-producing properties and developing land assets. Their extensive experience includes a range of operating models with a proven track record. For more in-depth insights and updates on their projects, check out Shopoff Realty Investments.
In conclusion, Shopoff Realty’s successful navigation of the Sunrise Village shopping center redevelopment exemplifies their commitment to community enhancement and strategic asset management. As Fullerton continues to grow, the impact of these developments will resonate, providing both economic benefits and improved living conditions for its residents.
