LITTLE ROCK, Ark., July 31, 2024 /PRNewswire/ — Tempus Realty Partners, an Arkansas-based real estate investment partnership, announced the sale of a 116,000-square-foot industrial building on July 26, 2024. The property, located in Wilmington, N.C., was purchased by a California limited partnership for $7.97 million. The building remains fully leased to Custom Metal Products.
Tempus acquired the sale-leaseback property for $7.2 million in November 2021. The firm held the property for approximately two and a half years, during which time the investment return exceeded underwriting projections.
“We are excited to announce the sale of our Wilmington property for $7.97 million, which represents an outstanding result for our investors,” said Dan Andrews, CEO of Tempus Realty Partners. “This investment is a perfect example of how Tempus can deliver for investors and tenants alike.”
The Wilmington industrial property marks the first sale of 2024 for Tempus Realty Partners and is also the first sale from Tempus Portfolio 3, which now includes three industrial properties located in St. Joseph, Mo., and Denver, Colo.
ABOUT TEMPUS REALTY PARTNERS
Tempus Realty Partners is an investor-centric real estate investment partnership focused on acquiring and developing commercial real estate mainly in the South and Midwest. The strategy of Tempus is to create superior risk-adjusted returns via unique commercial real estate opportunities by investing with its network of partners in targeted cities. Tempus has acquired more than $1 billion of property in 25 states since forming in 2016.
SOURCE Tempus Realty
