Dayton, OH -- (ReleaseWire) -- 04/14/2015 --Shopoff Realty Investments announced today that the company has acquired Apple Valley Office Center, a three-building, 130,440-square-foot office campus in the Dayton suburb of Beavercreek, Ohio. The acquisition was partially capitalized by Shopoff Strategic Income Fund, which closed to new investors on December 31, 2014.
Apple Valley Office Center is comprised of a three-story, 55,024-square-foot building, a two-story, 29,916-square-foot building, and a single-story, 45,500-square-foot building. The campus was constructed in 1985 on approximately six acres of land.
"Apple Valley Office Center is well-located in Dayton's flourishing East Office Submarket, the main driver of regional office space demand," said William Shopoff, chief executive officer of Shopoff Realty Investments. "Adding to its appeal, the campus currently has an occupancy level of 95 percent, providing stable cash flow and an opportunity to create additional value through unleased space. Moreover, the diverse group of tenants with staggered lease expirations increases the stability of the property in the future."
Shopoff Realty Investments will upgrade and make overall improvements to the property, including transforming vacant office suites into ready to move in speculative space for future tenants.
Apple Valley Office Center's anchor tenants include Northrop Grumman Systems Corporation, a multi-billion dollar global defense and technology company, and MacAulay-Brown, a $100 million Dayton-based company. The campus, which includes more than 500 parking spaces for tenants and visitors, is easily accessible via Interstates 675, 75 and 70, as well as State Route 35. The property is near Wright Patterson Air Force Base, as well as a number of restaurants, retail shops and hotels.
"Apple Valley Office Center is expected to benefit from its close proximity to Wright Patterson Air Force Base, historically recording an economic impact of more than $5 billion annually, as well as Dayton's historic low unemployment rate of 5.7 percent recorded in 2014," said David Placek, Executive Vice President of Shopoff Realty Investments' Commercial Properties Division.
About Shopoff Realty Investments
Shopoff Realty Investments has a 23-year history of over 100 programs and 526 investments, of which more than 486 have gone full cycle with an average holding period of 2.7 years. Shopoff Realty Investments and its executive leadership have completed more than 5,000 real estate transactions, including the acquisition, management, entitlement and development of more than 10,000 parcels and lots, 50,000 multifamily units, and 5 million square feet of commercial properties, with an aggregate value in excess of $4 billion. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. This is not an offering to buy or sell any securities. Such offer may only be made through the offerings memorandum to qualified purchasers. Securities offered through Shopoff Securities, Inc. member FINRA / SIPC, 2 Park Plaza, Suite 770, Irvine, CA 92614, 844-4-SHOPOFF.