NAS to Manage Knoxville Area Retail Center
- Jul 05, 2016
By Bogdan Odagescu, Associate Editor
Knoxville, Tenn.—National Asset Services has been selected to manage the River Place Shopping Center, a retail property in Sevierville, 25 miles Southeast of Knoxville. The commercial real estate company assumed management responsibilities for the retail center on behalf of 23 tenant-in-common (TIC) co-owners. The TIC group purchased the property in 2007 for approximately $22 million.
Built in 1987, River Plaza saw renovations between 2004 and 2007. Located at 655 Parkway in Sevierville, the property is situated along a dense retail corridor. Neighbors include several inns, a Western Union branch, a Kmart, the Rivers Edge Shopping Center and a Little Caesar’s.
Currently 97 percent leased and occupied, the retail center is anchored by a 155,093-square-foot Belk department store. The tenant roster also includes T.J. Maxx, Dollar Tree, Petsense, Dollar General, Outback Stakehouse, GameStop, Popeye’s Louisiana Kitchen and ORNL Federal Credit Union.
“The timing of NAS assuming management responsibility for this asset is extremely beneficial to our clients at River Place,” said Karen Kennedy, founder & president of National Asset Services, in a prepared statement. “With the property’s loan maturing in 15 months, this gives us time to optimize the asset’s performance while developing and presenting the most strategic exit and hold strategies to our clients.”
Images courtesy of National Asset Services