X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

IRVINE, CA-TNP Strategic Retail Trust Inc., a nontraded REIT established by TIC industry pioneer Tony Thompson, has closed on its first acquisition, the 94,574-square-foot Moreno Marketplace retail center at Cactus Avenue and Moreno Beach Drive in Moreno Valley. TNP disclosed the deal as part of its announcement that the REIT had raised the minimum offering amount of $2 million in shares of common stock in its initial public offering.

Moreno Marketplace is anchored by a Stater Bros. supermarket, with a tenant roster including a Wells Fargo Bank, Subway and Jack In The Box. The property includes six buildings and two vacant pad sites that may be developed in the future.

Steve Corea, Thompson National Properties’ senior VP of acquisitions, comments that the property “fits in well with our overall strategy to acquire necessity-based retail properties in the Western US.” According to a registration statement that TNP Strategic Retail TRust filed at the time of its initial public offering earlier this year, the nontraded REIT is offering up to $1.1 billion in common stock and plans to acquire retail properties, primarily in the Western US, as well as invest in or originate mortgage, mezzanine and bridge loans.

The IPO prospectus said that TNP would use the net proceeds of its offering to invest in a portfolio of income-producing retail properties including neighborhood, community and lifestyle shopping centers, multi-tenant shopping centers and freestanding single-tenant retail properties. It may acquire properties either alone or in joint ventures, according to the filing, which said that its investments will typically range in size from $10 million to $100 million.

In addition to buying its first property and raising the minimum offering amount of $2 million, TNP reported that its operating partnership, TNP Strategic Retail Operating Partnership LP, entered into a revolving credit agreement with KeyBank National Association for a maximum aggregate borrowing capacity of up to $15 million. Thompson, who is CEO of the company, said that the new credit line “provides us with additional flexibility to execute on our business strategy.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.