The first crowdfunded real estate deal in Ohio has been completed by real estate investor and Ohio native Mark Mascia.
Mark Mascia and his company, Mascia Development, recently purchased Findlay Marketplace, a 30,100 square foot retail center on Tiffin Avenue in Findlay. Findlay Marketplace is more than 90% occupied, with regional and national tenants such as Armed Forces Career Center, AT&T, Penn Station Subs, and Pet Supplies Plus.
Mascia Development successfully raised more than $1.5 million from crowdfunding, using the recently passed Jumpstart Our Business Startups (JOBS) Act regulations that allow companies to raise capital more quickly and cost efficiently.
“Using crowdfunding gives us an efficient way to reach new investors with investments starting at as little as $5,000, without penalizing our investors’ returns with the huge fundraising fees that come with hiring capital allocators,” said Mascia.
He added that Mascia Development continues to invest in Ohio, which he sees as a key strategic market over the next decade. This Findlay acquisition follows Mascia Development’s previous Ohio purchases of three office buildings in greater Cincinnati earlier this year, a shopping plaza in Marion in 2013, and a building in Hyde Park Square in Cincinnati in 2012.
A Dayton native, Mark Mascia has more than 12 years of experience in real estate, and he is principally responsible for managing the investment and operating activities of Mascia Development.