Irvine-based TNP Strategic Retail Trust Inc., a publicly registered non-traded REIT that invests in grocery-, drug store-anchored and other necessity retail properties, has completed its 21st acquisition.
The purchase of the Lahaina Gateway, located in Lahaina, Maui, was completed on Nov. 9. The property was purchased well below the transaction lender’s third-party appraisal. The deal was advised and facilitated by Irvine-based Faris Lee Investments.
“Lahaina was purchased at approximately 50 percent of its 2008 development cost and was acquired directly from the lender who foreclosed on the property in September 2011. [TNP] is pleased to report significant leasing demand since contracting to purchase Lahaina in June 2012,” said Anthony Thompson, TNP’s CEO.
A contemporary style neighborhood retail center, the Lahaina Gateway was constructed in 2008 and is comprised of approximately 136,683 square feet of commercial land parcels totaling approximately 11 acres. The property is 80 percent leased and is anchored by Barnes and Noble, Foodland Farms Market, Maui Dive and Surf and an Office Max.
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