NAS Delivers Buyer for Houston Area Single Tenant Retail Location
NAS has successfully delivered a buyer for a single tenant retail location in Baytown, TX. The property includes a 30,038 square-foot building and is 100% leased to Best Buy Co., Inc. The asset was purchased by a 21-member tenants-in-common (TIC) group in October 2005.
Market valuation of the property was secured in 2020, as NAS negotiated a five-year lease renewal with two additional five-year options with the tenant. Market value of the asset was further enhanced in 2021 as the property was upgraded with the installation of a new roof overlay system and fresh painting of the exterior.
To facilitate a timely closing, the NAS team, which has a wealth of experience and possesses a unique level of expertise with TIC-structured properties, expeditiously worked through a myriad of issues that challenged co-owners’ preparation for closing the sale transaction.
“We’re delighted we were able to deliver the best possible outcome for our investor clients,” commented Shirlee J. Kingsley, Vice President, National Asset Services. “We have a successful, proven track record in helping thousands of investors in all classes of commercial properties across the country.”
The JLL Houston team of Mark Raines, Managing Director, Donna Kolias, EVP, and Pierce Owens, VP, brokered the transaction on behalf of the TIC group.
Constructed in 2005, the Best Buy Baytown property is situated on approximately five acres and located about 25 miles east of downtown Houston. The property offers 216 spaces for customer parking.
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.