National Asset Services Expands DMV Partnership with New Lease
National Asset Services (NAS), recognized as a leading entity in commercial real estate, has recently secured a significant lease renewal with the Department of Motor Vehicles (DMV). This agreement reflects a commitment to enhance community access to vital services through a renewed lease of 7,150 square feet in a prominent office space.
Details of the Lease Extension
The newly extended lease will remain effective until 2034 and constitutes around 25% of the total square footage of the building known as Three Parkside. The DMV office at this location has the potential to cater to approximately 78,000 to 104,000 residents annually, providing essential services such as driver's license applications, vehicle registrations, address updates, and specialized license plates.
Community Impact and Accessibility
Shirlee J. Kingsley, CPM, Vice President of NAS, expressed excitement over the lease renewal, noting that the DMV’s continued presence at the Tri-City Center is invaluable to local residents. The location not only boasts ample parking but is also ideally situated for individuals who live and work nearby, making it easy for them to access DMV services.
Understanding Three Parkside and the Tri-City Center
Three Parkside is an integral part of the Tri-City Center, a sprawling development that includes 17 buildings spread across 153 acres. This mixed-use project represents the largest of its kind in California's Inland Empire, offering a unique campus-like environment that serves a diverse range of tenants and visitors.
Property Management by NAS
Since taking over the management of Three Parkside in 2018, NAS has implemented a series of operational improvements while also managing additional properties within the Tri-City Center. These include the Brier Corporate Centre, Lakeside Tower, and One Hospitality Building, collectively increasing NAS's influence in this vibrant commercial hub.
About National Asset Services
Established in 2008, National Asset Services has developed an impressive track record in investment property management. Over the years, NAS has managed to generate more than $660 million in cash distributions for property investors, showcasing its expertise across a diverse portfolio comprising over 186 commercial properties totaling over 25 million square feet in thirty-one states. The portfolio's cumulative value exceeds $3.38 billion.
Insight into NAS Investment Solutions
To expand its service offerings, NAS founded NAS Investment Solutions. This subsidiary focuses on capitalizing on the expertise of NAS in property management by identifying and enhancing real estate investments. Nationwide recognition has come to NAS Investment Solutions for providing high-quality investment programs that yield reliable returns for investors.
Benefits of Investing with NAS
Investors can enjoy a wide array of benefits when investing through NAS, including:
- Predictable cash flow distributions paid directly to investors monthly.
- Certain tax benefits like mortgage interest deductions.
- Non-recourse loans available to all investors, minimizing risk.
- Management-free ownership, allowing investors to enjoy returns without hands-on management.
- Opportunities to invest in larger properties on a fractional basis, increasing access to lucrative markets.
- Compatibility with self-directed IRA investment strategies.
- All properties qualify for 1031 Exchange, allowing potential tax benefits.
Contact Information
For further inquiries regarding investment opportunities and property management services, interested parties may contact:
JW Robison
310-795-8985
385517@email4pr.com
Frequently Asked Questions
What is the significance of the lease extension secured by NAS?
The lease extension ensures continued access to DMV services for local residents, enhancing community accessibility and support.
How many square feet does the DMV occupy at the Tri-City Center?
The DMV occupies 7,150 square feet, which is approximately 25% of the building's total area.
What services does the DMV provide at this location?
The DMV offers various services, including driver's licenses, vehicle registrations, address changes, and personalized license plates.
When will the lease at Three Parkside be effective until?
The lease has been renewed to remain effective until 2034, allowing for a long-term partnership.
What other properties does NAS manage in the Tri-City Center?
In addition to Three Parkside, NAS manages three other properties, including Brier Corporate Centre, Lakeside Tower, and One Hospitality Building.
