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."