TNP Strategic Retail Trust

In addition to its acquisition and disposition activities, Thompson National has formed a new subsidiary, Commerce TNP LLC, that acquired the asset services division of Commerce CRG of Nevada in Las Vegas and by doing so increases TNP's assets under management by approximately three million square feet to a total of more than 17 million square feet.

Thompson tells GlobeSt.com that the company is buying the Orange County office portfolio for approximately $55 million at a 9%-plus cap rate from a distressed seller via Thompson's participating notes program. It is acquiring the Hawaii retail center in Honolulu for $25.7 million through its TNP Strategic Retail Trust, buying a Tucson drugstore-anchored retail center for $8 million and acquiring a Fort Worth area retail center through its Delaware Statutory Trust 1031 Exchange program for $4 million. The Hawaii and Fort Worth properties are due to close at cap rates of more than 10%. Thompson is selling the Washington, DC-area industrial property for $16.5 million on behalf of tenant-in-common investors.

The Orange County office portfolio is about 80% occupied and is cash-flowing at that occupancy, but it holds potential for higher occupancy despite the weak Orange County office market, according to Thompson. He explains that many of the tenants in the portfolio are government agencies, and one of the three buildings is especially well-suited to being upgraded to LEED standards.