National Asset Services sold Market Square, a regional power shopping center in Ft. Myers, FL. To avoid higher interest rates and penalties associated with an early payoff of the existing loan, the center was sold utilizing a loan assumption provision contained in the lending agreement negotiated by NAS as part of a crucial refinancing strategy in 2018, according to a prepared statement.

Since assuming asset management responsibilities in 2014, NAS successfully implemented several strategies to increase the center's market value that ultimately resulted in favorable terms of the recent disposition and the best possible outcome for property investors.

They include:

• Quickly backfilling 22,092 square feet to Michaels, due to an unexpected closure of one of the center's big box retailers, which at the time stalled negotiations for new financing ahead of a loan prepayment due in May of 2015.
• Negotiating the renewal of a 15,217 square foot Petco, which was critical to refinancing the center at a lower interest rate in 2018.
• Reorganizing and consolidating the original group of tenants-in-common co-owners (TICS) into a new, limited liability company. This reorganization was a critical step to gaining access to advantageous refinancing options due in part to institutional capital sources being reluctant to finance TIC properties.

Built in 2004, Market Square consists of an 18,365-square-foot Cost Plus, a 15,217-square-foot Petco, a 10,079-square-foot Dollar Tree, and a 22,092-square-foot Michaels. The property is part of a regional power center, which includes a separately owned Super Target, American Signature Homes, DSW, Total Wine and Barnes & Noble.