NORTH LAS VEGAS, NEV. — Irvine, Calif.-based Thompson National Properties has acquired a North Las Vegas retail center for $12.8 million. The property was purchased from an undisclosed seller at a 44 percent discount from the property's original loan balance. The purchase price equates to an 8.09 percent capitalization rate.
Craig Promenade was constructed in 2005 and is located in the city's Craig Road corridor. It totals 109,250 square feet and was 77.5 percent occupied at the time of closing. Big Lots anchors the center; additional tenants include Party Pro, Carl's Jr., MetroPCS and Popeye's Louisiana Kitchen. In addition to the 91,750-square-foot building, the center contains 17,500 square feet of raw land that could be sold, ground leased or developed.
Thompson National Properties plans to fund the purchase with proceeds from its 2010 public offering as well as from its existing line of credit with KeyBank. The acquisition was made on behalf of TNP Strategic Retail Trust, an investment fund that targets drugstore- and grocery-anchored, multi-tenant, necessity retail properties. Craig Promenade is the fund's fifth purchase.
Thompson National Properties already has retail holdings in the Las Vegas market including Buffalo Square, a 176,508-square-foot center located at 7500 W. Washington Ave. It also owns several industrial, office and multifamily buildings.
— Coleman Wood