Irvine-based Shopoff Realty Investments acquired the office and distribution center at 5600 Beach Blvd. in Buena Vista from Amway for $60 million. The nutritional supplement maker agreed to lease back the building while Shopoff advances plans to convert the site into a townhome development in partnership with Lennar Homes.
Amway Corp. operates its headquarters at the site as part of a larger campus. The property along Beach Boulevard serves as the company’s Nutrilite brand’s teaching and training facility. The building sits on nearly 14 acres of land close to the Buena Park train station, which makes it a prime redevelopment site.
Shopoff recently received financing for a larger project in Huntington Beach to redevelop the Magnolia Tank Farm. That 29-acre oceanfront property secured approval for 200 homes, a 50-unit affordable apartment building and a 215-key hotel with 19,000 square feet of retail. It is slated to begin construction later this year.
