TUCSON-TNP Strategic Retail Trust Inc. has agreed to purchaseNorthgate Plaza Shopping Center for $8.1 million, which translatesinto a 9.5% cap rate.
The Irvine, CA-based non-traded REIT, which invests in groceryand drug-store anchored, multitenant necessity retail properties,will acquire the 103,500-square-foot center from CrestlineInvestments LLC. It will assume a $4.4 million loan for theproperty.
“Tucson is a stable market with less volatility than the rest ofArizona,” says Steve Corea, senior vice president of acquisitionsfor TNP Strategic Retail Trust.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
