Johnney Zhang

Diamond Bar-based investment firm Primior has launched two qualified opportunity zone funds. Within the funds, it has two retail properties under construction in Santa Ana totaling 55,000 square feet. Like much of the market, the investor was attracted to the opportunity zones for the tax benefits and social impact aspect of the model.

“We have been following the Opportunity Zone program since its interception. It provides very attractive incentives for developers and investors, resulting in much higher returns and tax savings for the initial investment,” Johnney Zhang, founder and CEO of Primior, tells GlobeSt.com. “The other benefit is that, when a Qualified Opportunity Fund invests in an Opportunity Zone, it boosts the economy in the community and creates jobs. We currently have two QOFs that will make investments in Santa Ana.”

Primior acquired the two development sites in 2017 after the opportunity zone benefits were announced. With opportunity zone legislation only recently finalized, this is one of the earliest projects. “They are both entitled and ready to start construction in a few months, so I think we are ahead of most of our competitors,” says Zhang. “We have great relationships with national tenants and local cities, which allows us to create much higher returns for our investors in a shorter period of time. Our tenants are national brands such as Chase Bank that will enhance the local economy and provide good jobs.”