The U.S. General Services Administration has announced the start of a public sale of Poplar Plaza in Los Alamitos and from all appearances, there is no shortage of interest from local developers interested in purchasing the government surplus building.
Los Alamitos Associate Planner Tom Oliver told the Planning Commission last week that already, since the GSA announcement, more than 35 developers have expressed interest in acquiring the property.
According to the official announcement, “the GSA encourages developers, investors and other potential buyers to consider this opportunity to purchase this 12.36-acre property in the highly desirable community of Los Alamitos.”
This property was identified as one of the properties for the high-value round under the Federal Asset Sale and Transfer Act (FASTA – PL 114-287). Under the FASTA legislation, proceeds from property sales in the high-value round will be used to fund further potential sales of unneeded federal property and consolidation actions to save taxpayer funds.
Poplar Plaza is located at 4665 Lampson Avenue, Los Alamitos. The 12.36+/- acres property is improved with a two-story building (88,000 +/- square feet) and is currently being used as commercial office space. The Navy Golf Course is immediately northeast of the property and the Old Ranch Country Club is west of the property. South of the property is a tract of single-family residential homes.
According to the GSA, the auction is scheduled to start on Monday, June 21, 2021 at 11:00 am (Central Time) on RealEstateSales.gov.
Each bidder is required to submit a bid registration of $250,000 and the minimum opening bid is $16,000,000 (USD).
Additional information about the property and the auction can be found online at RealEstateSales.gov.
The property will be open for tours by appointment only for registered bidders who have paid the registration deposit of $250,000.
The inspection tour dates and times: Wednesday, June 30, 2021 and Tuesday, July 20, 2021 (10am, 11am, 1pm, 2pm Pacific Time)
According to GSA’s Region 9 Public Buildings Service Deputy Commissioner Patricia Chang-Lynn, “the auction of the Poplar Plaza is another example of GSA’s ability to dispose of property from the federal inventory, by creating an economic development opportunity in Orange County while generating proceeds for the taxpayer.”
The public can find more information about this auction by contacting Gina Arias-Arrieta at 415-407-5304 or PoplarPlaza@gsa.gov.