Clear Path Asset Management (“Clear Path”), a real estate investment manager based in Durham, North Carolina, announced today its acquisition of The Park at Monroe Charlotte, a single-story, four (4) building, 54,000 square foot mixed-use asset located on Wellness Boulevard in Monroe, North Carolina (the “Property”). This addition to Clear Path’s portfolio marks the firm’s 10th acquisition in the Carolinas.
Clear Path acquired the 86% leased property from Novant Health, Inc. (“Novant”), and intends to build upon the “Medtail”-focused tenant mix that has been cultivated over recent years. Medtail refers to healthcare services located in a retail setting and often includes vision, dental, and a wide array of specialty wellness services.
Originally constructed as part of a mixed-use master planned development in 2007-2008, the Property has since then been owned by Novant or its related partnerships. Novant occupies approximately 20% of the Property, as well as significant additional space in the multi-story portion of the development, which is not a part of Clear Path’s purchase.
Over the years, Novant has patiently leased spaces at the Property to high-quality tenants including DentalWorks, Mosaic Pediatric Therapy, The Honey Baked Ham Co., and Latino Community Credit Union. As part of this transaction, Novant leased back nearly 11,000 square feet which it already occupies at the Property. The remaining vacant suites remain in their original cold dark shell condition.
According to Dan Magid, Clear Path’s Founder, “We were drawn to the Property because of its exceptional location in a growing market combined with what we determined was a solvable conundrum. The vacancy consists of highly leasable space, but it’s currently in an unleasable condition. Tenants want to sign a lease and move in quickly, but until now that was not possible. So, our first step will be to spec out some of the vacant suites to reduce friction for potential tenants, allowing them to move in more easily. We believe the Property should be nearly fully occupied just like the surrounding market, and we’re excited to realize the full potential of The Park at Monroe.”
NAI Southern Real Estate out of Charlotte is leasing the Property. For information on leasing available space please contact Dave Allison.
About the Recent Acquisition
This transaction marks Clear Path’s seventh acquisition in North Carolina, and tenth acquisition in the Carolinas. The Park at Monroe is a four (4) building, 54,000 square foot mixed-use property located at the premiere intersection of US-74 and Wellness Boulevard in Monroe, North Carolina (Charlotte MSA).
