Narthex One Newsletter – Q4 2022
Year two in the books
A message from Rob Boyer, CEO
Happy New Year to all of you! 2022 concluded with the acquisition of our 5th property, Cornerstone Community Church in Independence, MO. With an organized seller and a building in excellent condition, it proved the easiest of all our transactions to date. We are very excited about this property as it has beautiful worship space, a full-sized gym and a spacious commercial kitchen. The first two tenants will take occupancy immediately, including a Christian basketball league that will play host to 250 young athletes per week.
Acquisition number six, Our Lady of Lourdes Catholic Church, is set to close later this week. We anticipate three months of renovation work and are working toward tenant possession by Easter. This purchase will likely close out the remaining funds in Narthex One. You will notice the Pipeline report has been deleted as we are no longer pursuing investment opportunities for Narthex One.
As expected, property taxes came in higher than forecast. Blue Ridge Trinity this year was particularly hard hit. As a result, the monthly accrual for property tax will be increased beginning next year. This will have a short term impact on earnings, but can be countered through rent escalations and increases later this year.
The team remains excited about the future. Demand for our services continues to be strong and opportunities show no signs of abating. As always, thank you for joining us on this journey! And from all of us, the very best to you for a wonderful 2023!
Spiritual impact
The Samoan-English Church of Independence, MO is welcomed as the first tenant at our newly acquired Cornerstone property. This small group was desperate for meeting space, and running out of options, when they contacted Narthex. Our newly acquired Cornerstone Church provides them with the perfect space to continue to grow and expand their ministry. Pastor Mark Tagaloa calls the partnership with Narthex “a tremendous blessing” that provides them both stability and flexibility. This little church group does amazing things for the community and the Samoan population of greater Kansas City. Narthex is happy to welcome them.
