National Asset Services Helps Investors Expediently Divest Retail Center, Avoiding Foreclosure
SMYRNA, Ga., April 26, 2017 /PRNewswire/ -- National Asset Services (NAS), one of the Country's leading commercial real estate companies and experts in developing loan maturity solutions for property investors, has successfully delivered the best possible investment outcome to a 14-member Tenant-in-Common (TIC) group. The co-owners were investors in The Shops at East West Connector, a neighborhood retail center in Cobb County Georgia.
Acquired by the TIC group in March 2007, The Shops at East West Connector was one of the many properties purchased during this period by real estate investors with a Commercial Mortgage Backed Security (CMBS) loan. Most of these loans were highly leveraged notes with a 10-year maturity date.
Upon assumption of management duties in 2012, NAS executives aggressively implemented a plan of action to increase property value through income maximization and expense optimization tactics in preparation for the best possible sell-or-refinance, loan maturity solution in 2017. Ownership made the decision to market the property in early 2016, approximately one year prior to the property's loan maturity.
Although the group was working with an undisclosed buyer, a sudden cancellation of proceedings to purchase the asset late in 2016 forced ownership to list the property for sale only a few months prior to loan maturity. Having increased the amount of space leased to 96%, NAS management executives moved quickly to market the shopping center as a possible foreclosure now loomed. With time being of the essence, all favorable selling channels were aggressively pursued, including an online marketing platform.
The successful sale transaction recently closed after NAS secured a forbearance from the lender that allowed the new undisclosed buyer the necessary time to complete the acquisition. NAS management also negotiated discounts on commissions that offset some of the transaction expenses.
'We are delighted to have delivered the best possible outcome, under the circumstances, for our very deserving clients invested in the Shops at East West Connector," commented Karen E. Kennedy, President and Founder of National Asset Services. "I'm extremely proud of our management team's all-out persistence and willingness to go the extra mile. The final outcome was made possible by the group of co-owners working together with our experienced team to grind through the many challenges presented in this situation."
The Shops at East West Connector is a 32,009 square-foot neighborhood shopping center located in Cobb County, Georgia. Anchored by a 22,000 World Gym, the center features a variety of local shops and restaurants.
About National Asset Services (NAS)
NAS is a commercial real estate management that works with over 90 investment groups in properties of a nationwide portfolio valued at over $2 billion. The company 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: 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.
Headquartered in Los Angeles, California, NAS operates regional offices in Chicago, Illinois, and Austin, Texas.
For more information about NAS, visit www.nasassets.com. For industry news and company updates, follow NAS on Twitter @nascommercial.
Contact:
JW Robison
310-795-8985
[email protected]
SOURCE National Asset Services
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