Shopoff Sells Entitled Land for $9.8 Million to Beazer Homes
Deal News | Jan 02, 2025 | Shopoff Realty Investments LP
Shopoff Realty Investments, a real estate firm focused on value-add and opportunistic investments, has sold a 9.25-acre lot in Sacramento, California to Beazer Homes for $9.8 million. The lot, entitled for 48 townhomes, was part of a former parking area of the Sacramento Bee's previous office and production center, which Shopoff acquired in a sale-leaseback deal with McClatchy Companies in 2017. Following McClatchy's bankruptcy and vacating of the site, Shopoff re-entitled the property and initiated the sale of its subdivided portions. This transaction, brokered by Province West, represents a strategic redevelopment effort by Shopoff in collaboration with the City of Sacramento. The firm plans to secure further entitlements for the remaining property to be sold by Q2 next year.
Sectors
- Real Estate
- Construction
Geography
- United States – Both Shopoff Realty Investments and Beazer Homes operate within the United States, and the property in question is located in Sacramento, California.
- California – The specific location of the transaction is Sacramento, California, where the property is situated and the development will take place.
Industry
- Real Estate – The article involves a real estate transaction and property development, which are central to Shopoff Realty Investments' operations.
- Construction – The sale to Beazer Homes indicates future construction activities involving residential building on the entitled land.
Financials
- $9.8 million – Sale price of the 9.25-acre lot sold by Shopoff Realty Investments to Beazer Homes.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Shopoff Realty Investments | Selling Company | Company | A real estate investment firm based in Irvine, California, specializing in opportunistic and value-add real estate investments. |
| Beazer Homes | Bidding Company/Buyer | Company | A national home builder purchasing the entitled property for residential development. |
| McClatchy Companies | Previous Tenant | Company | A former newspaper company that occupied the Sacramento Bee office, from which Shopoff acquired the property in a sale-leaseback transaction. |
| Province West | Legal/Corporate Finance Advisor | Company | The broker that represented Shopoff Realty Investments in the sale to Beazer Homes. |