IRVINE, Calif., (February 17, 2010) - TNP Strategic Retail Trust, Inc. (the "Company") announced today that its board of directors authorized the Company to pursue the acquisition of the Waianae Mall, a multi-tenant retail center, consisting of 11 buildings and approximately 170,275 square feet, located in Honolulu, Hawaii. An affiliate of Thompson National Properties, LLC, the Company's sponsor, has entered into a purchase agreement to acquire the Waianae Mall for an aggregate purchase price of approximately $25.7 million, including the assumption of existing debt on the property. The assignment of the purchase agreement to the Company and the closing of the acquisition are subject to substantial conditions, including, among other things, servicer approval of the assumption by the Company of the existing debt on the property and sufficient available funds to finance the acquisition.
Steve Corea, Thompson National Properties' Senior Vice President of Acquisitions, said, "We are pleased to have the Waianae Mall under contract. The property fits squarely into the Company's investment objectives, as the property is anchored by a Long's Drug Store and features nationally recognized retailers such as Starbucks®, Pizza Hut
®
, SUBWAY®, RadioShack®, Payless ShoeSource, Jamba Juice®, Goodyear and Fantastic Sams®."
About TNP Strategic Retail Trust, Inc.
TNP Strategic Retail Trust, Inc. is a corporation formed to invest in retail properties located primarily in the Western United States and real estate related assets, including the investment in or origination of mortgage, mezzanine, bridge and other loans related to commercial real estate.
About Thompson National Properties, LLC
As of February 17, 2010, Thompson National Properties manages 127 properties comprising more than 17.2 million square feet of Class A and B office, retail and industrial properties in 31 states, all assembled since November 2008. For more information regarding Thompson National Properties, please visit www.tnpre.com .
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