On Tuesday, crowdfunding platform Acquire Real Estate announced it recently closed a funding round for 57 Littlefield Street, a $16.5 million industrial property located in Avon, Massachusetts. The project attracted a dozen investors from across the U.S. that contributed between $3,000 and $100,000 in investments.
Acquire Real Estate reportedly pre-funded its investment in the property, a 407,466 square foot industrial property occupied by five tenants and currently providing a Net Operating Income (NOI) of approximately $1.2 million. Investors in the property are projected to receive average annual returns of between 8.5 and 11 percent paid quarterly over a 3- to 5-year term.
Josh Klimkiewicz, president of Acquire Real Estate, stated:
“57 Littlefield offers a unique combination of credit tenancy and stability through near-term cash flow. Historically these type of institutional-quality investment opportunities have been unavailable to smaller investors, but through the Acquire platform, Accredited Investors can now access these types of deals.”
57 Littlefield Street is a sprawling industrial building located 20 miles south of Boston along the busy Route 24 corridor. The property is among the largest industrial buildings in the region and has enjoyed historically steady occupancy.
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