KNOXVILLE, Tenn., June 29, 2016 /PRNewswire/ -- National Asset Services (NAS), one of the Country's leading commercial real estate companies, has been selected as the asset management company for River Place Shopping Center in Sevierville, Tennessee.
NAS, which has a proven record of successfully managing properties for over ninety ownership groups, assumes management responsibilities of the 155,093 square-foot retail shopping center on behalf of 23 tenant-in-common (TIC) co-owners, who each have a deeded interest in the retail property. Built in 1987 and renovated in 2004 – 2007, the TIC group purchased the property in September 2007 for $21,887,830.
Anchored by a 155,093 square-foot Belk department store, the shopping center features a mix of national and regional stores and restaurants featuring T.J. MAXX, Dollar Tree, Petsense and Outback Steakhouse. The property is currently over 97% leased and occupied.
"The timing of NAS assuming management responsibility for this asset is extremely beneficial to our clients at River Place," commented Karen E. Kennedy, Founder and President, National Asset Services. "With the property's loan maturing in 15 months, this gives us time to optimize the asset's performance while developing and presenting the most strategic exit and hold strategies to our clients."
NAS has become an industry specialist in delivering positive results for TIC investors with impending loan maturities. To date, the company has achieved positive results on behalf of TIC investors at over fifty properties nationwide in the past few years. River Place Shopping center is part of the commercial real estate industry's wave of 10-year CMBS loans that have been maturing since 2014. Industry sources expect the total loan volume to peak in 2016-2017.
River Place Shopping Center is located approximately 25 miles southeast of Knoxville, Tennessee, on US Highway 441. The shopping center is part of a major commercial corridor that is a gateway to Great Smoky Mountains National Park and nearby Dollywood Amusement Park, two very popular tourist destinations in the Southeastern United States.
About National Asset Services
NAS is a commercial real estate asset and property management company that works with over 90 investment groups in properties of a nationwide portfolio valued at over $2 billion. The Company, which specializes in presenting and executing upon exit strategy options or investors in tenant-in-common properties, manages a wide range of diverse commercial real estate: Office, medical office, multifamily, retail, student housing, assisted living and industrial flex properties. NAS offers a wide-range of 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 and 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. For more information about NAS, visit nasassets.com.
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SOURCE National Asset Services