ITC South Shopping Center | Flanders, NJ

NAS successfully delivered a buyer for ITC Crossing South, a regional retail power center located in North Central New Jersey, and then successfully managed the transaction process for the center’s tenants-in-common (TIC) ownership group.

Built in 1999, the 373,585 square -foot center is anchored by Lowe’s, TJ Maxx, Michael’s, Bed, Bath & Beyond and Old Navy, and shadow-anchored by Walmart.

The TIC ownership group purchased the center in 2006 and have since faced several economic challenges that impacted the center’s market value including the 2008 recession and the wave of ensuing retail bankruptcies.

After multiple unsuccessful attempts by prior asset management companies to sell the property, ownership turned to NAS to assume asset management responsibilities in 2020.

Despite the challenges of the COVID pandemic, NAS installed a new leasing firm, to immediately address a growing vacancy rate. At the time of sale, the percentage of square footage leased exceeded 90%, and several critical tenants had extended their lease terms.

Large properties with the maximum number of TIC ownership positions are uncommon in today’s marketplace. And a characteristic unique to the sale of a TIC property is that it requires approval of every co-owner and closing the transaction requires each member to execute on necessary transaction requirements with strict adherence to deadlines.

“NAS felt the weight of the immense responsibility to move heaven and earth to bring the Co-Owners out of their ownership of this incredible big box retail asset and not let the bank step in due to loan maturity,” commented Karen E. Kennedy, President and Founder of NAS.