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REIT Investigation: Strategic Realty Trust, Inc. (Formerly TNP Strategic Realty Trust)

Fitapelli Kurta is investigating claims on behalf of investors of Strategic Realty Trust, Inc., formerly known as the TNP Strategic Realty Trust Inc.  Strategic Realty Trust (TNP Strategic Realty Trust) is a non-traded REIT, which means that its value cannot be easily ascertained.  It also means that it cannot be easily sold on the secondary market, making it a poor investment for customers who need liquidity.

Strategic Realty Trust (TNP Strategic Realty Trust) began raising money in August 2009 and currently owns a portfolio of 16 shopping centers.  Over the past five years Strategic Realty Trust (TNP Strategic Realty Trust) has seen any appreciation offset up large transaction an organizational costs as well as losses on a property in Hawaii.

In a recent letter to investors, Strategic Realty Trust, Inc., formerly TNP Strategic Realty Trust, Inc., told investors that the REIT’s valuation had been reduced to $7.11 per share from $10, a decline of nearly 30%.  The decrease in the Strategic Realty Trust, Inc.’s value comes after an appraisal and review of its financial statements by an investment.   It also comes as a surprise to many investors who recently purchased the Strategic Realty Trust for $10 per share or more based on inflated promises.  Indeed, in January 2013, the REIT claimed to have an estimated net asset value of $10.60.

The former organizer of Strategic Realty Trust (TNP Strategic Realty Trust), Tony Thompson, is not without controversy of his own.   Mr. Thompson is widely known throughout the brokerage community for real estate transactions, including 1031 or “tenant-in-common” transactions.  In 2013, a FINRA complaint accused him or making materially false and/or misleading statements to investors in connection with the sale and marketing of $50 million of various real estate private placement interests.  In light of the allegations raised in the FINRA complaint, Thompson was forced to resign from the board of Strategic Realty Trust (TNP Strategic Realty Trust).

If you or someone you know lost money in Strategic Realty Trust (TNP Strategic Realty Trust), please contact us today for a free consultation.  Do not delay.

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