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South Florida

Crowdfunder sells bits of Pompano retail center

A pizza restaurant at the Pompano Marketplace
A pizza restaurant at the Pompano Marketplace

A real estate crowd-funding platform completed the sale of equity interests in Pompano Marketplace, a fully occupied shopping center in Pompano Beach.

The crowd-funding platform, Acquire Real Estate, partnered with the owner of Pompano Marketplace, Katz Properties, to attract 15 accredited investors in the 238,800-square-foot shopping center.

Acquire projects annual returns of 7 to 8 percent paid quarterly to investors over a term of five to 10 years.

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Katz Properties, which has more than 3.2 million square feet of commercial property under management, bought the Pompano Beach shopping center in March for $46.8 million.

The investors each spent from $10,000 to $125,000 for equity in Pompano Marketplace, where the tenant mix includes a Wal-Mart Neighborhood Market, Beall’s Outlet Store, Stein Mart and Ross Dress for Less.

Steven Bettinger, CEO of Acquire Real Estate, said in a company statement that Acquire “pursues stable income-producing investment opportunities managed by top national sponsors.” [Crowdfund Insider] — Mike Seemuth