By Barbra Murray, Contributing Editor
Acquire Real Estate completes crowdfunding for Pompano Marketplace, a 238,000-square-foot retail property recently acquired by Katz Properties in Pompano Beach, Fla., having lured 15 accredited investors from across the country.
The geographical diversity of the investors in the project is indicative of Acquire’s expanding reach. “Over the past six months we’ve seen a steady uptick in new investors from across the U.S. We think this is a result of people becoming more familiar with real estate crowdfunding in general, but also feeling especially comfortable with the Acquire model of pre-funding every deal we offer,” Steven Bettinger, CEO of Acquire, told Commercial Property Executive.
Pompano Marketplace proved irresistible to investors. Cited along Federal Hwy. in metropolitan Fort Lauderdale, the retail center is fully leased, with the likes of Wal-Mart Neighborhood Market, Stein Mart, Beall’s Outlet Store and Ross Dress for Less gracing the tenant roster. Wal-Mart alone boasts more than $35 million in annual sales at the property. Katz had snapped up Pompano Marketplace from Principal Real Estate for $46.8 million in March, and Acquire pre-funded a $369,000 investment in the asset before completing the crowdfunding with contributions ranging from $10,000 to $125,000 in short order.
“We’re seeing our investment opportunities close out fairly quickly as more investors turn away from stocks and bonds and toward cash-flowing commercial real estate,” Bettinger said. “Also, we’re seeing more sophisticated investors on our platform. We’re offering the chance for investors to participate in deals valued at $50 million or more—our current offering in Randhurst Village [in suburban Chicago] is valued at over $113 million—which you won’t see on many other platforms.” Not too shabby for a company that just debuted in January.