Property Asset Management of Texas Retail Assumed by NAS
Property Asset Management of Texarkana Retail Shopping Center is Assumed by National Asset Services
National Asset Services (NAS), one of the Country’s leading commercial real estate companies, has been selected as the property asset management company for a 56,427 square-foot portion of Richmond Ranch Shopping Center in Texarkana, Texas.
NAS, which has a proven record of successfully managing properties for over ninety ownership groups, assumes management responsibilities for the retail shops on behalf of 28 tenants-in-common (TIC) co-owners, who each have a deeded interest in their portion of the retail property. Constructed in 2004-2005, the TIC group acquired the property investment in August 2007 for $12,987,500.
Anchored by a 19,107 square-foot PetSmart, the NAS-managed portion of the Richmond Ranch Shopping Center features a collection of well-known national and regional retail stores, including Starbucks Coffee, The UPS Store, Wells Fargo, Game Stop, Payless Shoes and Sally Beauty Supply.
Connected to the retail shops are Target and Kohl’s department stores that serve as shadow anchors for the property. Richmond Ranch Shopping Center is part of a larger concentration of national retail stores that includes Home Depot and Discount Tire Center, which also serve as regional draws to the center. The NAS-managed portion of the property is currently over 96% leased and occupied.
“Because the property’s loan matures in August 2017, the timing of NAS’ assumption of property asset management responsibility for Richmond Ranch is very timely to the benefit of our clients,” commented Karen E. Kennedy, Founder and President, National Asset Services. “It will allow us time to optimize the shopping center’s performance while developing and presenting the most strategic exit and hold strategies to our clients.”
NAS has become an industry specialist in delivering positive results for TIC investors with impending loan maturities. To date, the company has achieved positive results on behalf of TIC investors at over fifty properties nationwide in the past few years. Richmond Ranch Shopping Center is part of the commercial real estate industry’s wave of 10-year CMBS loans that have been maturing since 2014. Industry sources expect the total loan volume to peak in 2016-2017.
Richmond Ranch Shopping Center is located near the intersection of Richmond Road and St. Michael’s Drive in Texarkana, a regional hub for the surrounding trade area that consists of 18 counties and an estimated population of 432,900 people.