Lynnhaven Square | Virginia Beach, Virginia

Overview

National Asset Services (NAS), one of the nation’s leading commercial real estate firms, successfully delivered a 164.6% cumulative return to investors in Lynnhaven Square, a 22,933-square-foot retail property located at the intersection of Lynnhaven Parkway and Princess Anne Boulevard—just twelve miles southwest of the Virginia Beach Oceanfront.

Originally acquired in 2005 by eight Tenants-in-Common (TIC) investors, Lynnhaven Square has been managed by NAS since 2008. The property’s outstanding performance and final sale underscore the long-term value that strategic asset management, disciplined decision-making, and collaborative ownership can achieve.

The Challenge

By 2015, with the original loan approaching maturity and market conditions less favorable for a sale, the property’s co-owners faced a critical choice: sell into a weak market or refinance to preserve and grow value. Most lenders were hesitant to refinance multi-owner TIC assets, particularly those structured during the highly leveraged real estate cycles of the early 2000s.

The Strategy

Under the leadership of Shirlee J. Kingsley, CPM, Vice President of NAS, the firm guided investors through a pivotal refinancing process that preserved the original TIC structure—and its tax advantages—while positioning the property for future appreciation.

“This is one of the best success stories of my career,” Kingsley reflected. “The incredible results were achieved thanks to the property’s strategic location and a total team effort, including transparent communication among NAS, property management, and the co-owners.”

Karen E. Kennedy, President and Founder of National Asset Services and NAS Investment Solutions, added:

“Prior to the loan’s maturity, we presented the TIC owners with options designed to enhance Lynnhaven’s market position. The outcome was a tremendous win for our investor clients and a testament to our ability to drive value for stakeholders.”

Execution and Results

• 100% Occupancy Maintained: Throughout NAS’s management, Lynnhaven Square consistently achieved full occupancy—an essential driver of value for both refinancing and disposition.
• Leasing Optimization: Since 2018, George Fox, now a Colliers Leasing Advisor, has played a key role in maximizing leasing performance, including relocating a top-performing retailer to a larger space.
• Collaborative Sale Execution: Colliers investment advisors Jeff Fritz, CCIM, Vice President, and Jay O’Donnell, Senior Vice President, represented the seller in the successful sale of the property.

The outcome was exceptional: investors realized a 164.6% cumulative return, validating NAS’s long-term approach and the soundness of its 2015 refinancing strategy.

Investor Perspective

“I have been an investor in Lynnhaven Square since its inception,” shared Norm Purdy, an original TIC co-owner. “The success and stability we have enjoyed is a direct result of NAS’s expert guidance and management.”

Property Snapshot

• Year Built: 2001
• Configuration: Two-building, unanchored retail center
• Tenant Mix: Coastal Vision, Cold Stone Creamery, Subway, Wing Stop, and The UPS Store
• Surrounding Retailers: Walmart Supercenter, Home Depot, Walgreens

Outcome

The Lynnhaven Square case exemplifies NAS’s ability to guide TIC investors through complex real estate cycles—protecting tax-deferred ownership structures while optimizing value through disciplined management and market timing.

• 164.6% cumulative investor return
• 100% occupancy during ownership
• Strategic refinancing preserved tax benefits and enhanced value