National Asset Services Delivers Buyer for St. Louis Single-Tenant Office Property

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Nov 22, 2022, 08:52 ET

ST. LOUIS, Nov. 22, 2022 /PRNewswire/ -- National Asset Services (NAS), one of the Country's leading commercial real estate companies has successfully delivered a buyer for a three-story, 316,541 square foot single-tenant office property in St. Louis, MO.

NAS assumed asset management of the property in 2014 and supported the tenants-in-common (TIC) ownership group through the process of converting the property's ownership structure from a TIC-owned property to a Limited Liability Company (LLC). Converting to an LLC was an effective reorganization strategy that delivered a capital resource to refinance the property ahead of loan maturity in 2015.

Tenant negotiations resulted in a lease term extension, enhancing the property's marketability and when coupled with lender cooperation sufficient time to resource the right buyer for the property, resulting in the best possible outcome for investors.

"We felt an immense responsibility to deliver the best possible outcome for the investors in this asset," commented Karen E. Kennedy, President and Founder of NAS and NAS Investment Solutions. "Although bringing the property to market was a challenging process, our team was successful in getting the job done! I am enormously proud of my team at NAS led by Adi Peery, CSM, Vice President Portfolio Management."

NAS worked with Michael Hanrahan at Cushman & Wakefield to lead the sale process and St. Louis-based Sansone Group for property management services. Kennedy added, "We cannot overstate how critical Mike Hanrahan was to the sale process and how critical the Sansone team was to management of the property. They both are amazing."

Since 2008, NAS has served over 2,500 investment clients and has established an impressive reputation for investment property management. The company's track-record includes generating over $585 million in cash distributions to property investors and managing a commercial real estate portfolio of 179 diverse commercial properties, comprised of 24.422 million square-feet, in 30 states. The overall value of NAS' managed portfolio in the company's 14-year history, totals over $3.325 billion.

Headquartered in Los Angeles, California, NAS manages a wide range of diverse commercial real estate: Office, medical office, multifamily, retail, student housing, assisted living and industrial flex properties. The company manages solely owned and multi-owner properties. NAS offers a wide range of asset management capabilities. They include: Property management; project management; lease administration; acquisition and disposition services; real estate strategy analysis; long-range business objectives; monitoring changing market conditions; investor relations; real estate and investor accounting; loan modification and workout solutions; exit and hold strategies; leasing & marketing; tenant retention plans; research studies; site selections; feasibility studies; insurance risk management; capital improvement planning and tracking; property tax appeal services and cost segregation services.

Contact:
JW Robison
[email protected]
310.795.8985

SOURCE National Asset Services