Thompson National Close to $110M in New Deals

IRVINE, CA-Thompson National Properties, through its TNP Strategic Retail Trust and two other funds, is set to close on four office and retail acquisitions and an industrial sale totaling nearly $110 million. Company founder Tony Thompson, chairman and CEO of Thompson National, tells GlobeSt.com that the acquisitions include a portfolio of three Orange County office buildings along with retail deals in Hawaii, Texas and Arizona—all markets where Thompson is on the lookout for further acquisitions, along with Florida and Nevada. The industrial disposition is a single-tenant property in the Washington, DC area that is leased to a defense industry firm.

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.