Paul Ray Smith, Jr, Executive Vice President of NAI Isaac Commercial Properties has been appointed the receiver for Turfland Mall in Lexington and the Shops at Bashford in Louisville. Turfland Mall is a 350,000 SF retail center located within the Harrodsburg Road corridor in South Lexington and the Shops at Bashford is a 30,000 SF shopping center adjacent to Target on Bardstown Road in Southeast Louisville.
NAI Isaac will provide management services and stabilize the properties operations. “We look forward to improving the operations of these properties and preserving the asset value”, states Paul Ray Smith, Jr. The appointment was awarded based on NAI Isaac’s ability to rapidly assume management responsibilities and implement its Strategic Asset Optimization Process. In recent years, NAI Isaac has been entrusted as a court-appointed receiver on various troubled projects involving assets with a total loan value in excess of $100,000,000.