Narthex One Newsletter – Q1 2023
Year two in the books
A message from Rob Boyer, CEO
A very happy Easter t o all of you! It's been a crazy quarter... our busiest ever. W e completed acquisition of Lady of Lourdes Catholic Church. This will be the 6th and final property for the Narthex One portfolio. This is a great buy for us. Purchased at a nice discount, we'll renovate over the summer and already have a tenant, City of Truth, ready to go on a two-year lease to own.
Our newly acquired Cornerstone Church has proven very popular. We have signed three tenants to date including two basketball leagues and a Saturday worshipping group. We have three more tenants set to join us this quarter; a caterer utilizing the commercial kitchen, a daycare, and a Sunday worshipping group for the main sanctuary.
We are in final discussion with a Christian school that will lease the second floor of Grace Paseo. Some basic tenant improvement (paint and carpet) will be completed, and the school will launch over the summer. We also anticipate new tenants joining us at Blue Ridge Trinity (a funeral home) and at St. James (an evening community child outreach program).
What's interesting is that all these new tenants are new to us. They do not come from our existing prospect list and are finding us through a variety of outlets. High inflation and a possible recession do not appear to be impacting our unique niche. On the contrary, demand for space and activity among Christian groups remains high.
Thanks be to God we are on an exciting path here! Grateful to all of you for being part of it!
Spiritual impact
City of Truth is a well-known church in Kansas City. With nearly 1,000 members, they were displaced from their worship space by Covid. Over the last three years we have been working to find them a new home. For Pastor Stephenson and his wife, Jessica, (shown here receiving the keys to the church) Lady of Lourdes has been a n answer to prayer. Big enough to accommodate their current size and with room to grow, our new acquisition is the perfect solution for this vibrant church. It also serves as a wonderful example of how Narthex can use financial resources and real estate expertise to turn tired old spaces into revitalized Kingdom opportunities.
