NAS Delivers Buyer for St. Louis Single-Tenant Office Property
NAS has successfully delivered a buyer for a three-story, 316,541 square foot single-tenant office property in St. Louis, MO.
NAS assumed asset management of the property in 2014 and supported the tenants-in-common (TIC) ownership group through the process of converting the property’s ownership structure from a TIC-owned property to a Limited Liability Company (LLC). Converting to an LLC was an effective reorganization strategy that delivered a capital resource to refinance the property ahead of loan maturity in 2015.
Tenant negotiations resulted in a lease term extension, enhancing the property’s marketability and when coupled with lender cooperation sufficient time to resource the right buyer for the property, resulting in the best possible outcome for investors.
“We felt an immense responsibility to deliver the best possible outcome for the investors in this asset,” commented Karen E. Kennedy, President and Founder of NAS and NAS Investment Solutions. “Although bringing the property to market was a challenging process, our team was successful in getting the job done! I am enormously proud of my team at NAS led by Adi Peery, CSM, Vice President Portfolio Management.”
NAS worked with Michael Hanrahan at Cushman & Wakefield to lead the sale process and St. Louis-based Sansone Group for property management services. Kennedy added, “We cannot overstate how critical Mike Hanrahan was to the sale process and how critical the Sansone team was to management of the property. They both are amazing.”