Clear Path Asset Management (“Clear Path”), a real estate investment manager founded by Dan Magid, announced today the sale of Sardis Church Business Park, a light industrial property in Indian Trail, NC, in the Charlotte MSA. The sale will result in an approximately 104% internal rate of return (IRR) to investors, and a net Multiple on Invested Capital (MOIC) of over 3.20x, during a two-year holding period.
“We purchased this property early on in the COVID pandemic because of the compelling opportunity to increase legacy rents to established market rates, and create meaningful value in the process,” said Dan Magid. “We executed well on that plan, with proven rents now meaningfully exceeding our initial expectations, and we benefitted from the favorable tailwinds that developed for industrial properties. We are thrilled to deliver another great outcome for our investors.”
Sardis Church Business Park was sold as part of a portfolio including Barringer Business Center, which together represent Clear Path’s fourth and fifth dispositions. Previous sales include:
· Farmington Square Shopping Center in Raleigh, NC (40% IRR; net MOIC of 1.76x);
· 11010 David Taylor Drive in Charlotte, NC (31% IRR; net MOIC of 1.80x);
· 7210 Broad River Road in Columbia, SC (38% IRR; net MOIC of 1.91x);
· Barringer Business Center in Charlotte, NC (69% IRR; net MOIC of 2.00x).
Clear Path has acquired nine commercial real estate properties since inception, and is actively seeking additional investment opportunities, with a focus primarily on high-growth markets in and around Raleigh and Charlotte.
Proceeds from the sale of Sardis Church Business Park are currently being held by a qualified intermediary, pending redeployment via a tax-deferred 1031 exchange.
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