Clear Path Asset Management (“Clear Path”), a real estate investment manager founded by Dan Magid, announced today the sale of the neighborhood center at 7210 Broad River Road in Columbia, South Carolina. The sale will result in an approximately 38% internal rate of return (IRR) to investors over a two-year holding period, with a net Multiple on Invested Capital (MOIC) of over 1.90x.
“We purchased this property because we saw a ‘clear path’ to create value by meaningfully increasing occupancy to levels consistent with the local market, and we managed to do just that,” said Dan Magid. “The COVID-19 pandemic initially slowed our progress, but through the hard work of our leasing partners, we drove occupancy from 76% to 100%. We’re thrilled to deliver another great outcome for our investors.”
Proceeds from the sale are currently being held by a qualified intermediary, pending redeployment via a tax-deferred 1031 exchange.
The sale of this property represents Clear Path’s third disposition, following its previous sales of Farmington Square Shopping Center in Raleigh (40% IRR; net MOIC of 1.76x) and 11010 David Taylor Drive in Charlotte (31% IRR; net MOIC of 1.80x).
Clear Path has acquired eight commercial properties since inception, and it is actively seeking additional investment opportunities, with a primary focus in the high-growth markets in and around Raleigh and Charlotte.
To learn how you can invest with Clear Path, please click here.
