A Tampa-based real estate investment firm, RAD Diversified REIT Inc., is currently under investigation by the Florida Attorney General’s Office for alleged deceptive practices. This probe comes as the firm and its subsidiaries, led by influencers Brandon “Dutch” Mendenhall and Amy Vaughn, continue to acquire properties across Florida and other states.
Investigation Details
- The Florida Attorney General’s Office has issued subpoenas to RAD Diversified REIT Inc., Mendenhall, and Vaughn, citing potential violations of the state’s Deceptive and Unfair Trade Practices Act.
- Complaints suggest that investor funds may not be used for property acquisition as advertised, with some investors unable to retrieve their returns or initial investments.
- The Attorney General’s office is seeking evidence to determine if the company owns real estate equivalent in value to the amount invested by its customers.
Ongoing Acquisitions
Despite the investigation, RAD Diversified REIT Inc. and other real estate entities are actively involved in property acquisitions throughout Florida and beyond. These transactions highlight a broader trend of investment in the state’s real estate market.
Recent acquisitions include:
- Industrial Properties: TruCore, a Tulsa-based firm, acquired a 54,080-square-foot industrial property in Titusville, Florida, along the Space Coast. This acquisition aligns with TruCore’s strategy of investing in Class B industrial properties in supply-constrained markets. Additionally, Brennan Investment Group acquired a 10-building industrial portfolio across four states, including assets in Tampa, Miami, and Boca Raton, Florida. These properties are noted for their strategic locations near transportation infrastructure.
- Retail Properties: In Vero Beach, Florida, FMJ Properties LLC acquired a 5,688-square-foot restaurant property leased to Chili’s. Separately, Sterling Organization, a West Palm Beach-based firm, purchased the Bristol Plaza, a 263,000-square-foot shopping center in Bristol, Connecticut, anchored by Stop & Shop and featuring national tenants like T.J. Maxx and Burlington.
These ongoing deals underscore the continued interest in Florida’s diverse real estate sectors, from industrial logistics hubs to retail centers, even as regulatory scrutiny intensifies for some market participants.
Sources
- Tampa real estate investment firm under investigation for potential deceptive practices, Florida Politics.
- Local investors acquire retail properties in Virginia and Florida, Long Island Business News.
- Tulsa-based TruCore acquires industrial property along Florida’s Space Coast | News, fox23.com.
- Tampa industrial real estate included in multi-state acquisition, Tampa Bay Business & Wealth.
- Florida real estate company acquires large CT shopping plaza, Hartford Courant.