Two Successful Transactions Exemplify NAS' Objective Approach 11/18/2011
National Asset Services (NAS), one of the nation's leading real estate asset management companies, has recently proven their ability once again to successfully maximize property value for investors, with the sale of a Houston area office property and the refinancing of a townhome community, located near Kansas City, MO.
Two Sugar Creek Center, located in the Houston submarket of Sugar Land, Texas, is a 143,410 square foot, class-A, multi-tenant office building with a two level parking garage. The property is part of a master planned office park, and features tenants that are primarily product and service providers to the energy industry. Completed in 1999, the building was acquired in 2004 by the seller; the property's tenant-in-common co-owners.
Pinecrest Townhomes is a Class-A, 144-unit residential community located in the Kansas City, MO submarket of Olathe, KS. Soon after National Asset Services assumed management responsibilities, the company led property ownership through an innovative strategy involving reorganizing and consolidating the group of 27 tenant-in-common co-owners into a new limited liability company. The formation of the newly created company enabled ownership to take advantage of an IRS code that enabled the contribution of the property to the new ownership entity without realizing a gain or loss. The newly created company then became the Borrower under a new loan provided by an undisclosed lender.
"The sale of Two Sugar Creek and the successful refinancing of the loan on Pinecrest Townhomes are good examples of NAS' focus on maximizing property value through an unbiased, objective and transparent approach to managing commercial real estate," commented Karen E. Kennedy, President and Founder of National Asset Services. "These two transactions demonstrate our commitment to examining all possible options for ownership. Our asset management team's leadership has resulted in the best possible outcomes producing maximum returns for investors."