Narthex One Newsletter – Q3 2022
Another excellent quarter…
A message from Rob Boyer, CEO
Happy Fall everyone. All good news to report for the 3rd quarter. The properties are all performing and rent escalations are beginning to hit our bottom line very positively.
As recession fears build, we are seeing an increase in church property coming to market. Particularly, larger churches, square footage in excess of 50,000 sq feet and price tags in the $4m-$10m range. No changes, however, in our tenant pipeline. Demand for space remains high and church planting is very active.
Our Saturday tenant at St. James, the Word and the Way, departed us for economic reasons after two years. Congratulations to the team for backfilling that space in short order with our new tenant, Contagious Life Church and with a significant increase in rent.
Our acquisition of Our Lady of Lourdes Church continues, albeit slower than I’d hoped due to bureaucratic delays with the city. We anticipate a closing now by the end of October.
We have a new offer out on Cornerstone Church in Independence, MO. Beautiful little church with the benefit of a gymnasium and a commercially licensed kitchen. It presents a number of interesting leasing opportunities if we can acquire it.
As Narthex One funds come to an end, we are developing a backlog of projects to pursue for Narthex Two. We continue to prioritize the best opportunities for the Narthex One portfolio, but are excited for lots of things to work on when new funds are raised.
As always, thank you for being part of this with us! Don’t hesitate to contact us if we can be of service!
Narthex retreat
The Narthex team gathered in Montana in late September for a week of fellowship and strategic planning. From left to right, Carly, Darren, Pastor Blake, Rob and Fernanda, and our new COO, Ben McLain.
Ben comes to us from The Impact Foundation and prior to that, as a senior executive with Accenture. We’re grateful to have him on the team. His leadership talents, along with an excellent eye for systems and processes, will be key to our success as we grow and expand! Ben’s passion is equipping and empowering individuals and organizations to display the reality and beauty of God’s Kingdom in the marketplace.
