CrowdFunding Real Estate: Barstow Shopping Center acquired through Realty Mogul

Realty Mogul, a Los Angeles-based online company that pools money with like-minded investors on private real estate investments, reported Monday that Barstow Shopping Center has been purchased with the help of crowd funding.

The company said it raised and funded $760,000 through Realty Mogul’s online marketplace as part of the equity capital that was needed for the project sponsors, U.S. Realty Partners and Compass Acquisition Partners, to make the $8 million purchase.

A minimum equity offering of $5,000 was needed to jump into the crowd funding pool.

U.S. Realty and Compass intend make minor improvements to the facade, re-position the 110,100-square-foot retail center and lease before reselling it, according to the May 19 statement by Realty Mogul.

“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, CEO of U.S. Realty Partners.

Anchored by Vons Supermarket, tenants of the center located at 1270 and 1300 E. Main St., Barstow, include 99 Cents Only Store, Big 5 Sporting Goods, Radio Shack and Allstate Insurance. U.S. Realty Partners is based in Westlake Village; Compass Acquisition is based in Woodland Hills.

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