Clear Path Asset Management (“Clear Path”), a boutique real estate investment manager founded by Dan Magid, announced today the recent completion of two separate acquisitions totaling 75k square feet of neighborhood shopping centers for an aggregate purchase price of approximately $7.3 million. These two transactions mark Clear Path’s first investments, and highlight its ability to source and execute on compelling opportunities.
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About the Recent Acquisitions
Farmington Square Shopping Center, originally built in 2009, offers an excellent combination of a strong anchor tenant, below market rents, and exposure to Southeast Raleigh’s growth trajectory, all at a price well below replacement value. The center is located only four miles from Downtown Raleigh, easily accessible from heavily trafficked Rock Quarry Road. It adds 25k square feet to Clear Path’s retail portfolio.
River Landing Shopping Center underwent a major renovation in 2012, transforming 83% of the property from a vacant grocery store into three separate spaces now occupied by nationally recognized credit tenants. The center is located in Fayetteville’s thriving Ramsey Street Corridor, which has witnessed a rebirth with major renovations and new construction projects linking Downtown Fayetteville to the Fayetteville Outer Loop (I-295). The center was acquired meaningfully below replacement value. It adds an additional 50k square feet to Clear Path’s retail portfolio.
