This week, real estate crowdfunding platform RealtyShares announced $800,000 has been secured for the purchase of a retail center, Lincoln Center, located in Lincolnton, North Carolina.
The funding portal revealed that it partnered with ProVest Properties to connect nearly 80 investors from across the U.S. to acquire the Lincoln Center, which is described as a grocery-anchored property. RealtyShares stated this is the first time that ProVest has worked with a crowdfunding platform and this is considered the first North Carolina retail center support by its investor community.
ProVest Capital Markets partner, Patrick Clavin, stated:
“Our main tenet when making the decision to partner with a crowdfunder was to not only find a partner that has a premier reputation and significant experience, but one where the initial groundwork would pave the way for future deals together.”
Bryan Shultz, vice president of Commercial Equity at RealtyShares, commented:
“ProVest certainly fits the bill. This is the kind of offering that is attractive to our investors. With national tenants already leasing more than 90 percent of the property, staggered rollover terms and three strong shadow anchors, this could potentially be a dominant shopping area for Lincolnton. Having a partner like ProVest, which has a great track record of identifying and capitalizing on retail properties like this, is so important to RealtyShares.”
Clavin went on to add:
“We do not shy away from doing our homework, and like the fact that Realty Shares doesn’t either. We believe that in the end, despite the operational burden associated with the extra layer of due diligence, Realty Shares’ involvement only reinforced our own research on the deal and enhanced our process.”
RealtyShares has reportedly funded more than $150 million across more than 2,000 properties in 30 states on its crowdfunding platform.
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