IRVINE, Calif., March 1, 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 that its boards of directors authorized the Company to pursue the acquisition of Craig Promenade, a retail center in North Las Vegas, Nevada. An affiliate of Thompson National Properties, LLC, the Company's sponsor, has entered into a purchase agreement to acquire Craig Promenade for a substantial discount from the original loan balance on the property. 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 property is comprised of 109,250 square feet, which 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 percent leased and anchored by Big Lots™, a national retailer. Other nationally recognized tenants include Carl's Jr.®, Popeyes® Louisiana Kitchen and MetroPCS®.
"Craig Promenade is another prime example of the type of real estate TNP Strategic Retail Trust is targeting," said Thompson National Properties' Director of Acquisitions, Charles Osbrink. "Strong credit tenancy, healthy surrounding demographics and a multi-million dollar 150-acre regional park redevelopment adjacent to the center are positive factors that we believe will position Craig Promenade as one of the most competitive retail centers in the marketplace."
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 February 28, 2011, TNP Strategic Retail Trust has issued 2,498,094 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 February 28, 2011, Thompson National Properties manages a portfolio of 133 commercial properties, in 30 states, totaling more than 20.1 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 contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: our ability to satisfy the necessary conditions to close the Craig Promenade acquisition, including obtaining acceptable equity and loan funding; volatility in the debt or equity markets affecting the Company's ability to acquire or sell real estate assets; the Company's ability to pay distributions at the current rate or at all; national and local economic and business conditions; the Company's ability to maintain sufficient liquidity and access capital markets; the performance of real estate assets after they are acquired; and other risks and uncertainties associated with our business described in the Company's filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. The Company undertakes no obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in the Company's expectations. This release should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's most recent reports on Form 10-K, as amended, and Form 10-Q. Copies of these reports are available on the Company's website and at www.sec.gov.
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.