POSTED: 01:30 a.m. HST, Jun 08, 2010
A California-based real estate investment trust has completed its purchase of Waianae Mall in West Oahu.
The buyer, TNP Strategic Retail Trust Inc., announced in February it had agreed to buy the 170,275-square-foot neighborhood shopping center anchored by Longs Drugs.
TNP said it bought the center for $25.7 million, including the value of an assumed mortgage. The company didn't disclose the mortgage amount, but industry publication Commercial Real Estate Direct said it is $20.8 million, valuing TNP's acquisition cost at $4.9 million.
The deal comes five years after an affiliate of the Daneshgar family of Beverly Hills, Calif., bought the property for $14 million. The Daneshgar firm had listed the mall for sale at about $30 million.
TNP was formed last August by Thompson National Properties LLC of Irvine, Calif., to invest in retail property primarily in the Western states. The company sold shares of stock to the public, though the stock isn't publicly traded on a stock exchange.
Thompson National was formed in early 2008 and has amassed a commercial real estate portfolio of 133 properties with about 17.2 million square feet of leasable space in 32 states.