LOS ANGELES, July 30, 2014 /PRNewswire/ -- Realty Mogul (www.realtymogul.com), announced today that it has crowdfunded Georgetown Plaza, a $26.8 million office building in Washington D.C.'s Glover Park neighborhood for JOSS Realty Partners.
The property is a 150,097 square foot Class B office building that was crowdfunded through an investment sponsored by JOSS Realty Partners, which recently closed on its purchase of the asset. JOSS, a prominent private real estate investment management firm headquartered in New York City, has since its inception acquired over $700 million of office properties.
With its mix of tenants, including medical office and retail, this building is a key component of the Glover Park neighborhood, a lively upscale urban community. Located within walking distance to Georgetown, the most resilient and stable retail district within Washington, D.C., Georgetown Plaza is a solid addition to JOSS's portfolio and was well received by Realty Mogul investors involved in the transaction.
"We are excited about partnering with a leading real estate firm like JOSS, which has a 10-year investment track record and over $700 million of office acquisitions since its inception," said Jilliene Helman, CEO of Realty Mogul. "Realty Mogul is focused on working with best-in-class sponsors, and JOSS, with assets totaling over 3 million square feet, has impressed us with its professionalism on this transaction."
Larry Botel, the founding partner of JOSS, also expressed his enthusiasm about working with Realty Mogul, the leading online marketplace for real estate investments. "Crowdfunding with Realty Mogul has been an efficient way for us to raise equity capital," said Mr. Botel. "We believe that investors were compelled by the strong market, our intense focus on operations, and our business plan for value creation on this particular property. We are excited to work with Realty Mogul and look forward to future transactions with them."
As crowdfunding gains momentum, Helman suggested that Realty Mogul will continue its geographic expansion. "While this is our first investment in Washington D.C., it will not be our last. We are also actively looking for investments across the East Coast, in New York, New Jersey, and other markets," she said.
About Realty Mogul
Realty Mogul is a marketplace for investors to pool money online and invest in real property such as office buildings, apartment buildings and retail centers - crowdfunding for real estate. For more information visit: https://www.realtymogul.com/
About JOSS Realty Partners
JOSS is a private owner/operator-focused real estate investment management firm headquartered in New York City. For more information visit: http://jrpllc.com/
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