COLUMBUS, Ohio--(BUSINESS WIRE)--National Asset Services (NAS), one of the Country’s leading real estate asset management companies, has successfully led a TIC property ownership group through an innovative strategy involving reorganizing and consolidation to avoid foreclosure on a commercial office property, located in Westerville, OH, located in the Northeast quadrant of the Columbus MSA. The two class-A, five-story office buildings are located at 550 and 570 Polaris Parkway and are comprised of 139,900 and 140,000 square feet respectively. Exel Inc., a supply chain and logistics company, is the major tenant in both buildings.
TIC ownership approached NAS executives for help to save ownership from foreclosure after a loan maturity default. The tenant-in-common group was in need of a significant cash infusion as well as help needed to identify a new equity investor to work through lender qualification requirements and complex lender-related issues which the tenant-in-common owners could not accommodate.
As a result of NAS leadership, the property ownership was successfully restructured leading to the recent close of the transaction with new debt. This new financing resulted in minimal tax consequences for the newly formed entity, and while members of the previous TIC group remain invested in the deal, they have no further obligation for future cash requirements for the asset. NAS is being retained to administer the new deal for the TICs on behalf of the new ownership structure.
“This was a situation in which we were neither involved as an asset manager or the property manager, but our nationally-known reputation as a workout specialist and our commitment to objectively examining all options for ownership has resulted in the best possible outcome for investors,” commented Karen E. Kennedy, NAS President and Founder.
About National Asset Services (NAS)
Headquartered in Los Angeles, CA, NAS is a nationwide real estate firm specializing in tenant-in-common property management with a $2 billion portfolio of more than 80 properties in 19 states including 25 properties throughout Texas. NAS’ managed property portfolio includes Retail, Multifamily, Student Housing, Office and Industrial Flex. With vast experience in all facets of the real estate industry, the company manages both sole and multi-owner properties and offers a wide range of services including: Real estate strategy analyses; long-range business planning; investor relations; real estate and investor accounting; receiver and real estate owned services; loan modification and workout solutions; exit and hold strategies; leasing plans; 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.
