Tony Thompson
IRVINE, CA-“Change is inevitable, growth is intentional.” So said Tony Thompson, CEO of Thompson National Properties LLC, at the firm’s 2010 partner appreciation trip, held this weekend in Indian Wells, CA. Thompson, who gathered with approximately 200 of the company’s partners and sponsors from all over the country, was optimistic about TNP’s numbers going forward and was pleased with where the company stands to date. “TNP is having its best year,” he said, adding that TNP investment programs have raised a total of $118.5 million to date.
“It’s a great competitive environment out there,” he explained. “We want to do better. We always want to do better.” Thompson pointed out that he is seeing some extraordinary opportunities out there for those with capital. His comments were echoed from a recent Real Estate Forum guest column, where he said that “The opportunities will still be plentiful, but stiffer competition is now going to be a major factor in the transaction process. The question is—are you going to be ahead or behind the curve?”
The answer, at least for TNP, according to both company executives and those in attendance, is that TNP will be ahead of the curve. Thompson pointed out that the company started in April with eight employees and now has 156. He said that the company has also increased its selling agreements by 34% in 2010 to 399 total agreements to date. In addition, TNP has increased the number of properties in TNP Property Portfolio by 35% in 2010 to a total of 128 properties, and has increased the number of investors managed by TNP by 38% to 4,426 total investors to date.
Christopher Lal, EVP and general counsel of TNP, spoke on the firm’s operation’s expanding internationally to the Middle East to provide valuation and advisory services on more than 2.3 million square feet of real estate in Saudi Arabia. He said that he expects a busy year still to come, adding that it will hopefully include continued international expansion.
Steve Corea, SVP of acquisitions at TNP, pointed out that the company is at about $69 million closed this year, but said that “we have a good chance of doubling that this year.” He added that there is a lot of stuff going on in different fronts. TNP is exploring some note purchase opportunities and some senior housing opportunities among other things, he said. “If you see us running around real busy, it is for a reason.”
Support Services of America
One of the company’s most recent deals includes TNP Strategic Retail Trust Inc.’s purchase of San Jacinto Esplanade in San Jacinto, CA. San Jacinto Esplanade is a 56,473-square-foot multitenant retail center built in 2007 and located on 11.54 acres and includes over 30,000 square feet of vacant land pad sites. The property is approximately 52% leased. Major tenants include fresh&easy, Jack in the Box and Starbucks. Tenants have staggered lease expirations that range from 2012 to 2027.
“San Jacinto Esplanade represents another value added real estate acquisition for the company’s portfolio, with the potential to lease up the vacant space and increase the property net operating income going forward,” said TNP Strategic Retail Trust CFO, Christopher Cameron. “Additionally, we believe this is a remarkable opportunity, with this acquisition representing a 64% discount to the development cost.”
Another recent TNP achievement that Thompson mentioned at the event was Shangri-La Construction and TNP’s 302 E. Carson Ave. retrofitted class A office building development project in downtown Las Vegas, which, as GlobeSt.com recently reported, was the first in the state of Nevada to be awarded Gold certification. The $11.5 million building retrofit was completed in 13 months by Shangri-La Construction in the role of general contractor with building management by TNP. The building revitalization generated approximately 250 green collar and conventional construction jobs in Las Vegas, with an estimated 60% of work performed by union labor.
Thompson & Knight
A few of TNP’s platinum sponsors also attended and spoke at the event, including: Dallas, TX-based Thompson & Knight LLP’s Kevin Thomason, Todd Keator and Jay Gibson, who spoke on tax considerations in workouts; as well as Norwalk, CA-based Support Services of America Inc.’s Alex Fortunati and Greg Bosserman.
TNP is an international real estate advisory company, specializing in the management and creation of real estate investment funds. TNP uses a variety of investment structures to fit the needs of its investors, which are designed specifically for both institutional and high net worth individual investors alike. TNP 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.
TNP was founded in April 2008 and has eight regional offices. As of August 11, 2010, Thompson National Properties manages a portfolio of 128 commercial properties, in 30 states, totaling more than 17.9 million square feet, on behalf of over 4,000 investor/owners with an overall purchase value of $2.3 billion dollars.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
