National Asset Services Achieves Impressive 164.6% Return for Virginia Investors
National Asset Services Achieves Impressive 164.6% Return for Virginia Investors
Overview
In the realm of commercial real estate, National Asset Services (NAS) has recently achieved an extraordinary milestone by delivering a cumulative return of 164.6% to its investors in Lynnhaven Square, a prominent retail property in Virginia. This impressive feat follows the successful sale of the 22,933-square-foot shopping center, which is strategically located just twelve miles from the vibrant Virginia Beach Oceanfront at the intersection of Lynnhaven Parkway and Princess Anne Boulevard.
Investment Journey
The property was originally purchased in 2005 by a consortium of eight tenants-in-common (TIC) investors. NAS has been at the helm as the asset management company since 2008, steering the center through significant market fluctuations to ultimately achieve its remarkable return. Key to this successful outcome was a pivotal decision made in 2015, where NAS opted to refinance the property instead of selling it during less favorable market conditions.
Despite the prevailing hesitance among capital sources at that time—particularly regarding TIC properties that had been heavily leveraged in the early 2000s—NAS expertly secured a refinancing solution. This strategic move not only preserved the original TIC ownership structure but also maintained its associated tax advantages. Shirlee J. Kingsley, CPM, Vice President at NAS, regarded this move as one of the best success stories of her career, attributing the stellar results to the strategic location of the property and a cohesive team effort.
Tenant Stability and Growth
Under NAS’s adept management, Lynnhaven Square has consistently maintained 100% occupancy—a critical factor in enhancing the property’s value, especially during the 2015 refinancing phase and in the lead-up to the recent sale. Notably, George Fox from Colliers played an instrumental role in the leasing success of the center since 2018, including the strategic relocation of a local retailer to a larger space, in response to their remarkable sales performance.
Karen E. Kennedy, President and Founder of NAS, emphasized the proactive strategies taken to enhance the property’s market position, which were presented to TIC owners prior to the loan maturity in 2015. She expressed pride in the outcome, describing it as a testament to NAS's capability in driving value for its clients.
Property Highlights
Lynnhaven Square was constructed in 2001 and features a diverse mix of national and local tenants, including Coastal Vision, Cold Stone Creamery, Subway, Wing Stop, and The UPS Store. Its prime location adjacent to major retailers such as Walmart Supercenter, Home Depot, and Walgreens has significantly contributed to its sustained success.
Conclusion
In summary, National Asset Services has not only proven its mettle in navigating challenging market environments but has also demonstrated its commitment to maximizing investor returns through strategic decision-making and an unwavering focus on property management excellence. With over 2,627 investment clients and a robust portfolio encompassing over 25 million square feet across 31 states, NAS continues to cultivate strong relationships and deliver impressive returns in the commercial real estate sector.
To learn more about NAS and their investment successes, visit nasassets.com.
Topics General Business）
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