LOS ANGELES--(EON: Enhanced Online News)--National Asset Services (NAS), one of the country’s leading real estate asset management companies, has successfully repositioned and redeveloped Marina Corporate Center while averting foreclosure and culminating in an advantageous sales transaction for the property’s tenant-in-common ownership.
“The Marina Corporate Center story further demonstrates to all owners of tenant-in-common properties facing distressed circumstances, that a successful outcome can be achieved when people with the right amount of expertise, experience and leadership get involved.”
The six-story, 88,515 square-foot office complex, located in the Los Angeles submarket of Playa Vista, became completely vacant as its sole tenant vacated the premises in January 2011, just as the NAS team was assuming asset and property management responsibilities. As ownership was facing possible foreclosure and a complete loss of their investment, the NAS team acted quickly to take advantage of improving submarket economic conditions generated by the relocation of several nationally known high-tech companies to the area.
Potential venture capital groups were identified and the sale of the property was recently transacted with favorable terms for the ownership group. The owners, as a result of the efforts of NAS, were able to stave off foreclosure, maintain an equity share in the asset and were given the opportunity to invest new funds alongside the venture group. NAS will remain as the Property Manager and while continuing to play a pivotal role in the redevelopment of Marina Corporate Center. The incumbent venture capital group will completely overhaul the building with improvements that will include renovation of the building’s façade, building skin as well as the interior in order to reposition the Center as a multi-tenant property.
“The favorable results we have achieved at the Marina Corporate Center are one more example of our company’s ability to act quickly, strategically and proactively in order to turn a property around,” commented Karen E. Kennedy, NAS President and Founder. “The Marina Corporate Center story further demonstrates to all owners of tenant-in-common properties facing distressed circumstances, that a successful outcome can be achieved when people with the right amount of expertise, experience and leadership get involved.”
About National Asset Services (NAS)
Headquartered in Los Angeles, CA, NAS is a nationwide real estate firm specializing in tenant-in-common property management with a $2 billion portfolio of more than 80 properties in 19 states including 25 properties throughout Texas. NAS’ managed property portfolio includes Retail, Multifamily, Student Housing, Office and Industrial Flex. With vast experience in all facets of the real estate industry, the company manages both sole and multi-owner properties and offers a wide range of services including: Real estate strategy analyses; long-range business planning; investor relations; real estate and investor accounting; receiver and real estate owned services; loan modification and workout solutions; exit and hold strategies; leasing plans; tenant retention plans; research studies; site selections; feasibility studies; insurance risk management; capital improvement planning and tracking; property tax appeal services and cost segregation services.