TNP Strategic Acquires Pinehurst Square East
- Jun 01, 2011
June 1, 2011
By Allison Landa, News Editor
TNP Strategic Retail Trust Inc. has purchased Pinehurst Square East, a retail center in Bismarck, North Dakota. The 114,292-square-foot multi-tenant retail center was built in 2005 and located in the state’s second largest city.
The purchase price was not made public.
According to TNP senior vice president of acquisitions Steve Corea, the center is an attractive addition to its firm’s portfolio given the quality of tenants and location in one of the country’s strongest economies. He noted that the property is also part of the region’s dominant retail center.
The seller was a group of tenant-in-common investors who voted to designate the property as an UPREIT structure, allowing investors to contribute property to the firm on a tax-deferred basis while receiving an ownership interest in its operating partnership.
TNP is a publicly registered non-traded REIT investing in grocery- and drugstore-anchored multi-tenant retail properties located primarily in the western United States. As of May 18, 2011, the firm had issued 3 million shares of common stock and pays a monthly distribution equal to an annual rate of 7 percent.