NORMAL, IL-TNP Strategic Retail Trust Inc., anIrvine, CA-based REIT, has purchased the loan for ConstitutionTrail Centre for about $18 million. The 197,739-square-foot retailproperty is 65% leased and anchored by Schnucks Market and StarplexCinemas.

The property was built in 1997. Steve Corea,SVP with TNP, says his firm purchased the construction loan with amini-permanent loan attached from the lender. He tells GlobeSt.comthat his firm will foreclose and acquire the title to the center,which is just a few miles north of Illinois State University.

“The central Illinois area is growing rapidly. Also, there are10 competing properties, the closest being 2.5 miles away, that areon average about 95% leased,” Corea says. “The main problem is thatthis has been in the hands of a receiver for 10 months with noleasing activity. That’s something we’re going to fix.” He says thefirm will be in negotiations quickly for tenants.

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