Clear Path Asset Management (“Clear Path”), a real estate investment manager founded by Dan Magid, announced today the sale of Farmington Square Shopping Center, which will result in a 39% IRR to investors over a nearly two-year holding period.
“Given the unprecedented challenges of the COVID-19 pandemic, which impacted shopping centers nationwide during the majority of our ownership period, we are especially pleased that we were still able to execute on our original plan, and even exceed our initial projections,” said Dan Magid. “Farmington now has the distinction of being both the first property Clear Path bought, and the first property Clear Path sold. More importantly, though, it was a great outcome for our investors.”
Clear Path’s portfolio currently includes five other commercial real estate properties acquired since March 2019, and it is actively seeking additional properties, with a primary focus in the high-growth markets in and around Raleigh and Charlotte.
“It would be unrealistic to think we can continue to generate a 39% IRR across the entire portfolio,” said Dan Magid. “But we do feel very good about the investment prospects for our current holdings, and we look forward to continuing to acquire and improve properties for Clear Path and our limited partner investors.”
