Acquire Real Estate, a real estate crowd investing platform, recently partnered with full-service real estate investment company, Katz Properties, to provide an investment opportunity in Pompano Marketplace, a 238,800 SF fully occupied retail center located in Pompano Beach, Florida.
The crowd investing project closed quickly, attracting more than 15 Accredited Investors from across the U.S. that contributed between $10,000 and over $125,000 in investments. Acquire Real Estate pre-funded a $369,000 investment in the property, a $52-million retail center fully occupied by Wal-Mart Neighborhood Market, Stein Mart, Beall’s Outlet Store and Ross Dress for Less. Acquire investors are projected to receive average annual returns of between 7 and 8 percent paid quarterly over a 5- to 10-year term.
Steven Bettinger, CEO of Acquire Real Estate, stated:
“Acquire pursues stable, income-producing investment opportunities managed by top national Sponsors. In Pompano Marketplace we found exactly that, and were able to offer a smart long-term investment to our Members.”
Katz Properties purchased Pompano Marketplace in March of 2015 for $46.8 million. The company primarily focuses on the acquisition and operation of grocery-anchored shopping centers and currently has under management more than 3.2 million square feet of commercial property.
Pompano Marketplace is considered a popular community shopping center located along Florida’s South Federal Highway. Investors were drawn to the strong-performing center due to its mix of anchor, restaurant and shop tenants as well as its location in the highly developed South Florida market. Anchor tenant Wal-Mart, whose lease runs through 2026, achieves over $35 million in sales at the property each year, making Pompano Marketplace one of the strongest-performing shopping centers in the area.
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