TNP Strategic Retail Trust Sells Chase Bank and Chevron Parcels at Morningside Marketplace, a Retail Center in Fontana, California
IRVINE, Calif., April 16, 2012 /PRNewswire/ -- TNP Strategic Retail Trust, Inc. (the "Company"), a public non-traded REIT that invests in grocery and drug-store anchored, multi-tenant necessity retail properties and other real estate-related assets, announced today the sale to a private real estate investor of the Chase Bank and Chevron parcels at Morningside Marketplace in Fontana, a retail center located in the Inland Empire region of Southern California.
"We believe TNP Strategic Retail Trust continues to successfully implement its strategy of creating value for its shareholders through the sale of outlying pads and parcels to private investors," said Thompson National Properties' executive vice president, real estate, Tim O'Brien. "Friday, April 13, TNP SRT closed the sale of a Chase Bank and Chevron in its Ralphs-anchored Morningside Marketplace in Fontana, Calif., to a 1031 investor. Total parcel sales volume in the past eight months is $9.075 million, generating profits for SRT shareholders."
Morningside Marketplace is a neighborhood, grocery-anchored shopping center, built in 2001 and anchored by Ralphs®, a subsidiary of Kroger. The property is occupied by a mix of national and regional tenants, including Baskin-Robbins® and Togo's, among others.
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 16 shopping centers in 12 states containing nearly 1.6 million square feet at an overall purchase price of approximately $204 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 April 16, 2012, Thompson National Properties manages a portfolio of 155 commercial properties, in 29 states, totaling approximately 18.4 million square feet, on behalf of over 5,600 investor/owners with an overall purchase value of $2.4 billion. For more information regarding Thompson National Properties, please visit www.tnpre.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.
SOURCE TNP Strategic Retail Trust, Inc.
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