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National Asset Services Delivers Buyer For New Jersey Shopping Center To Country’s Largest Tenants-in-Common (TIC) Ownership Group

National Asset Services Delivers Buyer For New Jersey Shopping Center to Country's Largest Tenants-in-Common (TIC) Ownership Group

National Asset Services (NAS), one of the Country’s leading commercial real estate companies, 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.

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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, R.J. Brunelli & Co., 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.

While TIC structured properties are still part of the commercial real estate landscape, 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.

“We 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 and NAS Investment Solutions.  “Moving reportedly one of the largest remaining TIC groups in the country, through a sale process was daunting, but our team was successful in getting the job done!  We found the co-owners, in their final moments of ownership, to be extremely supportive. I am so very proud of my team at NAS led by Carol Scott. This was truly a highlight of my career.”

“It really was a miraculous achievement and one that was unthinkable just a few months ago,” commented Spencer Tashima, an ITC co-owner. “The successful sale of the property orchestrated by NAS was due to the company caring about the interests of the ownership and making the right moves, first by hiring a new leasing company who steadily improved the market awareness of and interest in the property, and then later by entrusting them to find qualified buyers for the property and working diligently to get quick turnaround from all co-owners to unanimously execute on all transactions. The work done by the NAS team and the leasing company they hired undoubtedly saved the property from imminent foreclosure.”

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“This is one of the most memorable and satisfying accomplishments of my career,” commented Carol Scott, NAS’ Managing Director. “Since taking over asset management, the journey we traveled with ownership, property management and leasing was a long, winding road and its completion would not have been possible without a total team effort.”

ITC Crossing South is located 30 miles from the state of New York and the city of Newark in the northwest corner of New Jersey.  Recent retail additions include Five Below, AT&T, Amy Murphy’s Salon and Spa’s extension, relocation and expansion, and Rita’s Ice.

Since 2008, NAS has served over 2,500 investment clients and has established an impressive track record for investment property management. The track record includes generating over $585 million in cash distributions to property investors and managing a commercial real estate portfolio of 169 diverse commercial properties, comprised of 24.422 million square-feet, in 30 states. The overall value of NAS’ managed portfolio in the company’s 12-year history, totals over $3.325 billion.

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