NAS has successfully facilitated the sale of a three-property, warehouse portfolio on behalf of investors in the Des Moines, Iowa properties.
Known for their ability to deliver the best possible outcome for property investors, the NAS team assumed asset management responsibilities for the three properties, totaling 731,169 square-feet, in 2016 as ownership faced an impending 10-year loan maturity with no viable exit strategy.
At that time, the NAS team lead property investors through an innovative strategy involving reorganizing and consolidating the group of tenants-in-common co-owners into a new limited liability company while securing lease extensions that ensured 100% occupancy at all three warehouse properties. 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 a borrower for refinancing the property under a new loan.
In order to assist the investment group to sell the properties, the NAS team leveraged its vast resources to identify the right buyer, while overcoming challenges presented by the age of the three facilities, a planned relocation by the existing tenant, and the uncertainty in the real estate and finance markets caused by COVID-19.
The seller was represented by Paul D. Rubenstein, Attorney in Los Angeles, CA.
“We were incredibly lucky to be guided by NAS throughout a transaction that taxed everyone’s patience and stamina for many months,” commented Fredda Rose, Investment Group Co-Manager. “We also owe an incredibly huge debt of gratitude to our longstanding attorney, Paul Rubenstein, who navigated the most challenging final transaction on our behalf by negotiating and ultimately completing this most difficult sale.”
“Our investment group, NAS and Paul Rubenstein are perfect examples of the strength and wisdom that can occur when people of different backgrounds and abilities interact with respect and purpose,” added Stuart Wachter, Investment Group Co-Manager.
Since 2008, NAS’ successful investment property track record includes guiding over 85 ownership groups through property refinancing and selling processes. NAS has sourced and delivered buyers and maximized returns for investors of 64 properties nationwide and has delivered the best possible capital resources for the re-financing of 21 other commercial real estate assets. In many cases, the re-financing process included the re-structuring of tenants-in-common properties into a limited liability corporation in order to secure the best financing option, a strategy in which the NAS management team has developed a high level of expertise.
“We are extremely proud of the milestones we have reached after 12 years of serving investment property clients. Our track record speaks volumes about our ability to maximize returns for property investors while consistently delivering high quality, proactive and transparent management services,” commented Karen E. Kennedy, President and Founder of National Asset Services. “We started as a TIC property asset management company in 2008. Because of our reputation, we have steadily grown to providing asset management and property management services for real estate investment clients with varying ownership structures, including TIC, DST and single owner properties. Our ability to successfully manage a property regardless of its size, location, commercial class or ownership structure sets us apart from other commercial property management companies.”