Crowdfunder offers equity in St. Pete industrial park
Crowdfunding website EquityMultiple is offering slivers of equity for as little as $5,000
December 13, 2015 04:25PM
EquityMultiple CEO Charles Clinton
A real estate crowdfunding platform online has announced its second investment offering of $12.9 million for equity share of an industrial park in St. Petersburg with positive cash flow.
EquityMultiple recently completed its first equity raise for the $7.1 million development of a music venue and mixed-use property in Brooklyn, New York, by Bushwack Capital.
The EquityMultiple online platform alloww accredited investors to invest as little as $5,000 in the St. Petersburg industrial park offering. The St. Petersburg project sponsor, California-based Avistone, bought the industrial park earlier this year and plans to increase the occupancy rate, now 86 percent, through upgraded park management.
EquityMultiple projected 9 percent annual returns, paid quarterly, on the St. Petersburg industrial park, located in an area with limited industrial space and potential tenants that manufacture medical and aerospace products.
Charles Clinton, CEO of EquityMultiple, said in a prepared statement that the projects in St. Petersburg and Brooklyn and a third in San Francisco are important milestones for the crowdfunding company.
“Our goal with the platform is to offer an array of compelling options for a range of investors with different investment criteria,” Clinton said. “The platform now has three offerings, including debt and equity opportunities in three geographically diverse locations.”
Source: The Real Deal