Shopoff Adds Land Acquisition Specialist

IRVINE, CA—Shopoff Realty Investments has hired seasoned real estate professional Joseph Reed as VP of land acquisition. In his 27-year career, Reed has led the origination of nearly 200 transactions with a total aggregate value in excess of $1 billion in equity-and debt structures, and has managed more than $1 billion in institutional-capital and private-equity investments.

Reed has also directed the acquisition of more than 2,600 lots throughout Southern California. “Joseph joins Shopoff Realty Investments with a very successful track record in real estate land acquisitions,” says William Shopoff, CEO of the firm. “He is a dedicated professional with extensive relationships throughout the industry, as well as experience spanning a variety of asset classes, including residential, mixed-use, retail, multifamily and master-planned communities.”

Reed was formerly with KB Home, where he spent two years as VP of land acquisition, acquiring more than 1,400 units/lots throughout the counties of Los Angeles, Orange and San Diego. Previously, he was a VP with Standard Pacific Homes here, and CarVal Investors of Minneapolis. He also spent nine years with Weyerhaeuser Realty Investors, serving as SVP, regional investment manager of the Southwest US, where he earned the company's President's Award in 2000 and 2002.

Land acquisition is a huge challenge to developers, particularly in Southern California. As GlobeSt.com reported in September, Bridgeport Investments' founding principal Randy Bramel told GlobeSt.com that staying ahead of the pack in acquiring land is no mean feat for California developers. “The smartest, most creative and willing to work hardest capture the gold.”

Bramel also said that most of the industrial development that has been done over the last couple of years has been big-box industrial in the Inland Empire for lease, as opposed to under 500,000 square feet. “Part of that is because that's where the equity capital has been interested in doing deals and the land for buildings that size was available. In infill markets like L.A. and Orange County, it's very difficult to build big boxes that size. There's a pent-up demand for 10,000-square-foot up to 200,000-square-foot small and mid-sized buildings.”