TNP Trust Acquires 95,000-SF Retail Center

IRVINE, CA-TNP Strategic Retail Trust Inc., a nontraded REIT established by TIC industry pioneer Tony Thompson, has closed on its first acquisition, the 94,574-square-foot Moreno Marketplace retail center at Cactus Avenue and Moreno Beach Drive in Moreno Valley. TNP disclosed the deal as part of its announcement that the REIT had raised the minimum offering amount of $2 million in shares of common stock in its initial public offering.

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.