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.

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
NOT FOR REPRINT

© 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.