TNP Strategic Retail Trust Sells Popeyes® Parcel at Craig Promenade, a Retail Center in North Las Vegas, Nevada
IRVINE, Calif., Aug. 23, 2011 /PRNewswire/ -- TNP Strategic Retail Trust, Inc. (the "Company"), a publicly registered non-traded REIT that invests in grocery and drug-store anchored, multitenant necessity retail properties, announced today the sale of a land parcel at Craig Promenade, a retail center in North Las Vegas, Nevada, to a private entity.
"TNP Strategic Retail Trust purchased Craig Promenade, a 109,250 square feet retail center, on March 31, 2011, and received many offers to sell the Popeyes parcel. The sale generated a significant gain for TNP Strategic Retail Trust," said Thompson National Properties executive vice president, real estate, Tim O'Brien. "The advisor, Thompson National Properties, intends to use the proceeds from this sale to acquire Topaz, a fresh&easy™ center in Southern California, through a 1031 exchange."
Constructed in 2005, Craig Promenade is 77.5 percent leased and anchored by Big Lots™, a national retailer. Other nationally recognized tenants include Carl's Jr.®, Louisiana Kitchen and MetroPCS®.
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, multitenant 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. As of August 12, 2011, TNP Strategic Retail Trust has issued 3,983,158 shares of common stock. The Company currently pays a monthly distribution that equates to an annual 7 percent distribution. 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 seven regional offices. As of August 23, 2011, Thompson National Properties manages a portfolio of 155 commercial properties, in 31 states, totaling more than 20 million square feet, on behalf of over 4,000 investor/owners with an overall purchase value of $2.5 billion dollars. TNP has expanded its operations to the Middle East to provide valuation and advisory services on over 2.3 million square feet of real estate in Saudi Arabia. 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.