IRVINE, CA – TNP Strategic Retail Trust, Inc. (the “Company”), a public non-traded REIT that invests in grocery and drug-store anchored, multi-tenant necessity retail properties and other real estate-related assets, announced the completion of the Company’s 20th acquisition, Visalia Marketplace (top left photo) a 200,794-square-foot retail center located in Visalia, Calif.
Visalia Marketplace was recently renovated in 2008. The center is 92 percent leased and anchored by Save Mart Supermarkets and Kmart. Other national and regional tenants include Starbucks, Brandman University and Great Clips.
The anchor tenants have long-term leases, with Save Mart Supermarket’s lease expiration at the end of 2028 and Kmart’s lease expiration in 2024.
“We believe we have found exceptional value in this property, acquiring it for $1.8 million less than an appraised value established by KeyBank in June 2012,” said Steve Corea, senior vice president of acquisitions for Thompson National Properties.
“Further, this property has the zoning and land parcels to add 60,000 square feet of additional leasable area and has excellent freeway frontage and minimal lease rollover during the next five years.”
For a complete copy of the company’s news release, please contact:
Jill Swartz at
949-485-1552,
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