James Wolford Joins Thompson National as EVP, CFO

IRVINE, CA-James R. Wolford has joined Thompson National Properties as executive vice president and chief financial officer. Wolford also has been appointed chief financial officer, treasurer and secretary of TNP Strategic Retail Trust, effective March 14.

Wolford, who formerly was CFO at Pacific Office Properties, is a 30-year industry veteran who joins the company just as TNP Strategic Retail Trust has signed an agreement to acquire Craig Promenade, a 109,250-square-foot retail center in North Las Vegas. In his new posts, Wolford will be responsible for the administration of all finance and accounting matters for TNP and TNP Strategic Retail Trust.

Christopher Lal, executive vice president and general counsel at TNP, noted that Wolford "brings a wealth of financing, accounting and real estate experience built over his impressive 30-year career.” At Pacific Office Properties, Wolford evaluated and eliminated more than $1 million in annual corporate expenses, negotiated a $125 million credit facility and worked with investment bankers, accountants and outside counsel in the development and successful filing of an S-11 with the SEC for a $350 million secondary offering of primary common shares. Before that, Wolford was CFO at Bixby Land Co. and a consultant and regional financial officer at Aimco.

In the pending acquisition of Craig Promenade, an affiliate of Thompson National Properties, which is the sponsor of TNP Strategic Retail Trust, has entered into a purchase agreement to acquire the property for a substantial discount from its original loan balance. The assignment of the purchase agreement to the company and the closing of the acquisition are subject to substantial conditions, including, among other things, obtaining financing and raising sufficient funds to finance a portion of the acquisition. The 109,250 square feet at Craig Promenade includes 91,750 rentable square feet and two raw land parcels consisting of 17,500 buildable square feet that can be sold, ground-leased or developed. Constructed in 2005, Craig Promenade is 77.5% leased and anchored by Big Lots.