SAN FRANCISCO--(BUSINESS WIRE)--RealtyShares, a leading online marketplace for real estate investing, has just announced an $800,000 commercial equity investment in Mesa, Arizona, funded through the company’s network of accredited investors. The deal is sponsored by De Rito Partners, one of Arizona’s largest retail investment and brokerage firms.
De Rito Partners acquired the property in 2016, and is seeking to capitalize on a temporary tenant turnover in a formerly fully-leased retail property. The firm intends to use the funds raised through RealtyShares to invest in tenant improvements and implement a leasing strategy to achieve market-level rents.
“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,” said Iver Bowden, Partner at De Rito Partners. “We were able to raise sufficient capital in a short amount of time, complementing our typical partnership-based financing strategy.”
The property is shadow-anchored by a Fry’s Marketplace, one of the largest grocers by sales in the Phoenix metropolitan area according to Chain Stores Guide. The shopping center is comprised of more than 20,000 square feet of rentable retail space, and is currently leased to tenants including Starbucks, H&R Block and Subway. It is located at the intersection of two major thoroughfares, four miles from downtown Mesa.
“We are attracted to grocery-anchored retail properties in today’s market,” said Bowden. “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.”
“We have been selective when investing in the retail space,” said Brian Esquivel, Senior Director of Commercial Equity Investments at RealtyShares. “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.
RealtyShares is bringing marketplace investing and lending to real estate and building an ecosystem around it. By infusing technology into the archaic real estate industry, the company connects investors with pre-vetted real estate operators across the country looking to raise capital. To date, the RealtyShares network of investors has funded upwards of $300 million across more than 550 investment opportunities on the platform, funding residential and commercial projects in 35 states.
RealtyShares is transforming the real estate investment landscape by connecting borrowers and sponsors to debt and equity capital from accredited and institutional investors, across an array of financing products. Private investments are highly illiquid and risky and are not suitable for all investors. Through the RealtyShares website, these investors can browse investment opportunities, perform due diligence, invest online and gain 24/7 access to an investor dashboard to watch how their investments are performing. RealtyShares offers securities through North Capital Private Securities Corporation, member FINRA/SIPC. For more information on how to become a real estate investor or to seek capital through the RealtyShares marketplace, please visit www.realtyshares.com.