NAS Delivers Buyer for Ft. Myers Regional Power Shopping Center

Market Square is a Ft. Myers Power Center

NAS successfully delivered a buyer for investors in Market Square, a regional power shopping center in Ft. Myers, Florida.

To avoid higher interest rates and penalties associated with an early payoff of the existing loan, the center was sold utilizing a loan assumption provision contained in the lending agreement negotiated by NAS as part of a crucial refinancing strategy in 2018. 

Since assuming asset management responsibilities in 2014, NAS successfully implemented several strategies to increase the center’s market value that ultimately resulted in favorable terms of the recent disposition and the best possible outcome for property investors.  They include:

  • Quickly backfilling 22,092 square feet to Michaels, due to an unexpected closure of one of the center’s big box retailers, which at the time stalled negotiations for new financing ahead of a loan prepayment due in May of 2015.
  • Negotiating the renewal of a 15,217 square foot Petco, which was critical to refinancing the center at a lower interest rate in 2018.
  • Reorganizing and consolidating the original group of tenants-in-common co-owners (TICS) into a new, limited liability company.  This reorganization was a critical step to gaining access to advantageous refinancing options due in part to institutional capital sources being reluctant to finance TIC properties.

Despite category four winds produced by Hurricane Ian in September of this year, Market Square center escaped without major damage to the center’s building structure.  Only the center’s landscaping, pylon sign and two parking lot light structures were affected.

“We have been privileged to work on behalf of our Market Square clients for several years and we felt an immense responsibility to deliver the best possible exit strategy possible for all investors in this asset,” commented Karen E. Kennedy, President and Founder of NAS and NAS Investment Solutions.  “The result was a culmination of strategic moves throughout the investment hold period led by Adi Peery, CSM, Vice President Portfolio Management.”

Built in 2004, Market Square consists of an 18,365 square foot Cost Plus, a 15,217 square foot Petco, a 10,079 square foot Dollar Tree, and a 22,092 square foot Michaels. The property is part of a regional power center, which includes a separately owned Super Target, American Signature Homes, DSW, Total Wine and Barnes & Noble.

  • National Asset Services News

    Timely news articles about NAS and properties in the NAS portfolio.

    read more
  • Verdae Village
    Retail Property News

    NAS Delivers Buyer for Large TIC Group Invested in Greenville Shopping Center

  • NAS Delivers Buyer to Country’s Largest TIC Ownership Group
    Retail Property News

    NAS Delivers Buyer to Country’s Largest TIC Ownership Group

  • Garver-North-Little-Rock
    Office Property News

    NAS Delivers Additional Monthly Distribution for Investors in Arkansas Office Property

  • NAS Delivers 270% Cumulative Return for Legacy Investors in Dallas Area Multifamily Property
    Multifamily News

    NAS Delivers 270% Cumulative Return for Legacy Investors in Dallas Area Multifamily Property

  • One Express Way
    Office Property News

    NAS Delivers Buyer for St. Louis Single-Tenant Office Property

  • Best-Buy-Baytown
    Retail Property News

    NAS Delivers Buyer for Houston Area Single Tenant Retail Location