Real estate marketplace lending platform RealtyShares announced on Thursday Arizona retail investment and brokerage firm, De Rito Partners, secured $800,000 through its platform for a Mesa-base shopping center. According to the funding portal, De Rito Partners acquired the property last year and is looking to capitalize on a temporary tenant turnover of the former fully-leased retail property. Iver Bowden, Partner at De Rito Partners, stated:
“Raising capital can be time consuming, but RealtyShares has allowed us to outsource the equity raise in order to more efficiently match opportunities with costs. We were able to raise sufficient capital in a short amount of time, complementing our typical partnership-based financing strategy. We are attracted to grocery-anchored retail properties in today’s market. This property is anchored by a top grocery store in the area, and we were able to acquire it at a favorable cost due to a recent vacancy in a historically well-occupied space.”
Brian Esquivel, Senior Director of Commercial Equity Investments at RealtyShares, also commented:
“We have been selective when investing in the retail space. This opportunity presented by De Rito Partners checked all the right boxes for us. We had a very experienced local Sponsor, a service-oriented neighborhood center, and a market leading grocery as an anchor. We are always on the look-out for similar opportunities and look forward to many more with De Rito.”
De Rito Partners owns 20 properties, manages approximately 1.9 million square feet of retail space, represents 180 shopping centers in a leasing agency capacity, and is currently developing a Fry’s Marketplace-anchored shopping center and a strip center located in Chandler, AZ. The firm added the funds raised through RealtyShares to invest in tenant improvements and implement a leasing strategy to achieve market-level rents.
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