Spokesman for the buyer, Thompson National Properties’s REIT, Ronnie Miranda, says they are”working with a prospect to fill the space but that it is too early to discuss.”
“We would not have bought the center unless we were optimistic about its future. The best is yet to come.”
TNP Strategic Retail Trust, Inc. a public non-traded Real Estate Investment Trust(REIT) that invests in grocery and drug-store anchored, multi-tenant retail properties announced June 26 the completion of the company’s 20th acquisition, Visalia Marketplace, a 200,794-square-foot retail center located in Visalia, Calif.
Visalia Marketplace was recently renovated in 2008. The center is 92 percent leased and anchored by Save Mart Supermarkets and Kmart. Other national and regional tenants include Starbucks, Brandman University and Great Clips.
The anchor tenants have long-term leases, with Save Mart Supermarket’s lease expiration at the end of 2028 and Kmart’s lease expiration in 2024.
“We believe we have found exceptional value in this property, acquiring it for $1.8 million less than an appraised value established by KeyBank in June 2012,” said Steve Corea, senior vice president of acquisitions for Thompson National Properties. “Further, this property has the zoning and land parcels to add 60,000 square feet of additional leasable area and has excellent freeway frontage and minimal lease rollover during the next five years.”
About TNP Strategic Retail Trust, Inc.
TNP Strategic Retail Trust, Inc. is a publicly registered non-traded REIT that invests in grocery and drug-store anchored, multi-tenant necessity retail properties, located primarily in the Western United States, and real estate related assets, including investment in or origination of mortgage, mezzanine, bridge and other loans related to commercial real estate. TNP Strategic Retail Trust has acquired 20 shopping centers in 14 states containing more than 2.1 million square feet at an overall purchase price of approximately $259 million. For more information regarding TNP Strategic Retail Trust, please visit www.tnpsrt.com.
About Thompson National Properties, LLC
Thompson National Properties, LLC (TNP) is an international real estate advisory company, specializing in the creation and management of real estate investment funds. TNP uses a variety of investment structures to fit the needs of its investors, which are designed for both institutional and high net worth individual investors. Thompson National Properties is also a leader in both property and asset management and receivership services, a key element in any successful commercial real estate investment in today’s lender-driven marketplace.
Headquartered in Irvine, California, Thompson National Properties was founded in April 2008 and has six regional offices. As of June 26, 2012, Thompson National Properties manages a portfolio of 153 commercial properties, in 30 states, totaling approximately 17.6 million square feet, on behalf of over 5,600 investor/owners with an overall purchase value of $2.1 billion.