NAS Assumes Key Role to Parkside Medical Office TIC Group
NAS has assumed an administrative advisory role to a multimember group representing a Tenants-In-Common (TIC) ownership position in Parkside Medical Center.
NAS, which has a wealth of experience and possesses a unique level of expertise with TIC-structured properties, will be providing administrative support to the group and will lend its expertise on major ownership decisions.
“We’re looking forward to working with ownership at this property. It is a natural fit for our management skill set,” commented Carol Scott, Managing Director, National Asset Services. “We have a successful, proven track record in helping thousands of TIC investors in all types of commercial properties across the country, including numerous multi-member TIC entities. We have extensive first-hand experience in helping ownership groups meet all challenges that may arise.”
“With the support of NAS Assets and their multi-faceted professional staff, my fellow members and I can rest easy knowing that every detail will have the attention needed,” commented Howard Simon, Managing Member.
Parkside Medical Center is a multi-tenant office complex that consists of two buildings; a 5-story, 34,890 square-foot building, originally built in 1923 and renovated in 1985 and a 3-story 33,241 square-foot building built in 1989. The ownership group, consisting of six TIC investment positions, purchased the property in 2002. The health-related tenant mix includes UCLA Health Santa Monica Parkside Family Medicine, Endoscopy Center of Southern California and Resolution Advanced Imaging Center.
Since 2008, NAS has served 2,568 investment clients and has established an impressive track record for investment property management. The track record includes generating over $595 million in cash distributions to property investors, guiding 73 properties through the sales process and managing a commercial real estate portfolio of 177 diverse commercial properties, comprised of 24.5 million square-feet, in 30 states. The overall value of NAS’ managed properties totals over $3.325 billion.