IRVINE, Calif., (April 15, 2010) - Thompson National Properties, LLC, one of the fastest growing international real estate companies, is currently under contract to purchase retail and office properties for more than $85 million. The company also announced today the formation of a new subsidiary, Commerce TNP, LLC. The new entity acquired the asset services division of Commerce CRG of Nevada in Las Vegas.
The acquisition increases TNP's assets under management by approximately 3 million square feet, now totaling more than 17 million square feet under management, the majority assembled since October 2008. The additional investment properties are primarily located in Southern Nevada.
"We have retained the experienced, talented staff in the asset services division who will continue to serve an impressive list of clients," said TNP's Chairman and CEO, Anthony W. "Tony" Thompson. "This acquisition increases the market coverage for both companies and allows us to deliver an expanded list of receivership, property management and advisory services to our growing clientele of financial institutions, accredited investors and mortgage servicers."
"We will continue the close professional association with Commerce / Cushman & Wakefield in Las Vegas and our many shared clients," said Executive Director, David Jewkes. "We are excited to combine our experience in the receivership business with TNP's track record of success as one of the most advanced third party management companies. This is a seasoned team poised to quickly respond to opportunities in this market. "
The new entity specializes in institutional asset recovery services, redevelopment, construction management, receivership services and property management.
Thompson National Properties, LLC provides real estate investment opportunities and asset management to high net worth domestic, foreign, individual and institutional investors. As of April 15, 2010 Thompson National Properties manages a portfolio of 134 commercial properties, in 31 states totaling more than 17.4 million square feet, on behalf of over 3,000 investor/owners with an overall cost of $2.3 billion. For more information regarding Thompson National Properties, please visit www.tnpre.com.
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