Real Estate Crowdfunding platform Rich-Uncles has announced that it has purchased a Chase Bank building located in The Crossings shopping center of Antioch, CA. The purchase price was $3.78 million. Rich-Uncles states that it provides commercial real estate investment access to the “true Crowd” – the tens of millions of Americans who have been historically shut out from participating in real estate investing.
“We are very pleased to add the Chase Bank property to our growing Rich-Uncles.com portfolio,” stated Harold Hofer, CEO of Rich-Uncles. “Current cash flow from this investment will exceed 9%; and including the annual principal paid on the property’s mortgage, the current yield is roughly 11%. Our 7.5% annual dividend payable to our shareholders will continue unabated.”
“We are the only Real Estate Crowdfunding platform exclusively dedicated to non-millionaire Americans. Rich-Uncles.com provides commercial real estate investment access to the true Crowd – the tens of millions of Americans who have been historically shut out from participating in real estate investing,” explained Hofer.
Rich-Uncles.com is a division of Nexregen, LLC. Nexregen is the Advisor to Nexregen Real Estate Investment Trust I, a REIT whose shares are available for sale to the public in the State of California via the Rich-Uncles real estate crowdfunding platform, pursuant to a Permit issued by the California Department of Business Oversight. Within the United States, a prospective Nexregen REIT I investor must be a resident of the State of California and either earn $75,000 per year or have a net worth of $250,000 (excluding primary residence). Shares in Nexregen REIT I sold outside of the United States are subject to foreign securities laws.
The Crossings is described as a contemporary, fully leased shopping center anchored by Safeway and Rite Aid. Chase Bank occupies a separate street-fronting building within The Crossings. Antioch has over 100,000 residents and is part of Contra Costa County in the “East Bay” region of the San Francisco Bay Area.