As of July 26, 2024, Tempus Realty Partners has successfully sold a 116,000-square-foot industrial property in Wilmington, North Carolina, for $7.97 million. Originally acquired in November 2021 for 7.2 million dollars, this sale highlights Tempus’s strategic investment acumen and their proficiency in identifying valuable real estate opportunities. The $770,000 profit from this transaction underscores their capability to make informed investment decisions and achieve significant financial gains. This successful sale further solidifies Tempus Realty Partners’ reputation as a savvy player in the real estate market and demonstrates their ongoing commitment to delivering high returns for their stakeholders.
Here’s a detailed explanation with key points:
- Smart Purchase and Good Performance: Tempus Realty Partners choses to buy the Wilmington property because it was in a good location and the local market was strong. Over the 2.5 years they owned it, Tempus made several improvements to the property, including better management and leasing efforts, which helped increase its value.
- Better Than Expected: Selling the Wilmington property for $7.97 million brought in a higher return than Tempus initially expected. This sale highlights the company’s success in choosing properties with growth potential and managing them well. By doing this, Tempus Realty has been able to provide great returns for its investors.
- CEO’s Thoughts: Dan Andrews, the CEO of Tempus Realty Partners, was pleased with the sale. He said it shows the company’s skill in picking valuable assets and making them worth more. Andrews emphasized that this success is part of Tempus’s overall strategy, which involves careful market research and active property management.
- First Sale of 2024 and Portfolio 3: This sale is Tempus’s first for 2024 and the first from their Portfolio 3, which includes other properties in St. Joseph, Missouri, and Denver, Colorado. These properties are located in areas where Tempus sees strong economic growth, providing more chances to make good investments.
- Future Plans: The successful sale in Wilmington sets a positive example for Tempus Realty Partners. The company plans to keep looking for new opportunities and improving the properties they already own. Tempus focuses on areas with good economic growth, especially in the South and Midwest. They aim to buy and develop properties that can bring high returns and low risk for their investors.
In summary, Tempus Realty Partners achieved notable success with the sale of the Wilmington property for $7.97 million, exceeding initial expectations. This outcome underscores their adeptness at selecting high-potential properties and enhancing their value through strategic improvements. Dan Andrews, CEO, highlighted that this sale exemplifies the company’s expertise in asset management and market research. As their first sale of 2024 and from Portfolio 3, which also includes properties in St. Joseph and Denver, it marks a promising start. Looking ahead, Tempus is committed to identifying new investment opportunities and focusing on economically robust regions in the South and Midwest to deliver strong returns with minimized risk.
About Tempus Realty Partners
Tempus Realty Partners is a real estate investment company that buys and develops commercial properties. They focus mainly on the South and Midwest regions of the United States. Since starting in 2016, Tempus has bought over $1 billion worth of properties across 25 states. Their portfolio includes industrial, office, and retail properties.
Tempus is known for its smart investment strategy, which aims to find unique opportunities and make strategic investments. They work closely with partners and rely on their deep understanding of the market to make good decisions. Through this approach, Tempus Realty Partners continues to create value for its investors.
Summary
