National Asset Services' Successful Property Repurposing Strategy Delivers Buyer for Investors in Florida Golf Club
DEERFIELD BEACH, Fla., April 10, 2018 /PRNewswire/ -- National Asset Services (NAS), one of the Country's leading commercial real estate management companies, has delivered a buyer for 34 tenant-in-common (TIC) investors in Crystal Lake Golf Club in Deerfield Beach, Fl.
The closing of the sale of the 109-acre property to a Miami-based home builder was the culmination of a long-range plan developed by NAS executives, who recognized a saturation level and downward trend of golf course usage in the area. To maximize the property's market value, NAS guided the TIC investment group through a multiyear re-entitlement process to repurpose the property for housing development. NAS resourced a buyer for the property that worked with local contacts, over a two-year period, to gain necessary approvals that included the City of Deerfield Beach, Broward County and the State of Florida.
Reported redevelopment plans for the 109-acre, 18-hole, championship golf course, which had a rich history spanning almost 50 years, include a mix of single family homes and townhomes.
NAS began working with the Crystal Lake Co-ownership Group as a consultant in 2010. NAS management later led investors through a successful, expedited disposition of Pelican Pointe Golf and Country Club in Venice, Florida, in January 2015. Pelican Pointe was part of the original investment made by the group in 2007. The sale allowed the ownership group to pay off the remainder of the original loan, allowing co-owners to assume full ownership of the Crystal Lake property, free and clear of a master lease that had been largely responsible for the economic underperformance of the property. The original master lease did not include ownership of all golf cart paths, driving range T-box or putting greens. The exclusion of these three crucial areas left the Crystal Lake Golf Club virtually inoperable for its intended use. NAS management was instrumental in securing easements with the neighboring property to give access rights to these areas. These easements allowed Crystal Lake to continue operations as a functioning golf course and restored the value that would have been recognized as a loss at the time of the Pelican Pointe sale.
NAS was retained as the property's asset management company and immediately installed a new operator at Crystal Lake, greatly improving the property's cash flow.
"Helping our clients develop and implement a strategic, multifaceted, long range exit strategy, resulting in an overall positive yield, was truly satisfying," commented Karen E. Kennedy, President and Founder, National Asset Solutions. "It is an example of our unique ability to enter an economic challenged situation and make a short-term impact while implementing a long-range exit strategy."
About National Asset Services (NAS)
NAS is a commercial real estate management company 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.
Contact:
JW Robison
[email protected]
424.227.6888
SOURCE National Asset Services
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