IE Business Daily Business news for the Inland Empire.
An online company in Los Angeles has helped buy a shopping center in Barstow.
Realty Mogul raised $760,000 to purchase a Vons-anchored facility that includes a Big 5 Sporting Goods, a 99 Cents Only and a Radio Shack, according to published reports.
Realty Mogul raises money from online investors for real estate purchases, a practice known as crowd funding. It specializes in office buildings, apartment buildings and shopping centers, according to company’s website.
In the Barstow transaction, Realty Mogul raised the remaining equity capital needed by the project’s sponsors, U.S. Realty Partners in Westlake Village and Compass Acquisition Partners, which operates four offices in California and one in Florida, according to the company’s website.
The transaction was announced Monday. The name of the seller wasn’t released.
“Barstow’s steady employment growth and important role as a major Southern California transportation corridor made the center a very attractive property to us,” said Jay Kerner, chief executive officer of U.S. Realty Partners, in a statement.
Cost of the shopping center was $8 million. Each online investor had to put up a minimum of $5,000 to participate in the purchase. The new owners plan to reposition and lease the shopping center before selling it, according to the reports.
