Waianae Mall is in the middle of an ownership transition between two California-based investment firms.

TNP Strategic Retail Trust, an affiliate of Thompson National Properties LLC in Irvine, said yesterday it has entered into a purchase agreement to acquire the Leeward Coast property for $25.7 million.

TNP currently has the property, its first in Hawaii, under contract. The closing of the deal is still subject to conditions, including servicer approval of the assumption of existing debt on the property, which is included in the purchase price.

The property contains 11 buildings and is about 170,275 square feet. It is the only nonstrip retail center along the Leeward Coast, and covers almost 10 percent of all commercially zoned land in Waianae.

“;The long list of quality tenants and lack of significant competition really makes this property an attractive buy,”; said Steve Corea, Thompson National Properties' senior vice president of acquisitions.

A principal of Los Angeles-based 3D Investments, the property's owner for the past five years, declined to comment yesterday. 3D Investments, headed by the Daneshgar family of Beverly Hills, does business in Hawaii as West Oahu Mall Associates LLC.

The mall was formerly owned by Gentry Industrial, attorney Rick Fried and local real estate investor Thelma Gretzinger in 2005. The mall was built in 1974. In 2005, 3D Investments paid $19 million for the property.

The previous owners' asking price then was about $23 million.

The property is anchored by Longs Drugs, and also has RadioShack, Payless ShoeSource, Goodyear, Fantastic Sams and eateries like Pizza Hut and Subway.

“;It also fits in well with our business plan to acquire solid retail properties in the Western U.S. for TNP Strategic Retail Trust,”; Corea said.

TNP's strategy includes diversified investments in commercial properties, real estate loans and operating companies. Its portfolio includes 127 properties, comprising more than 17.2 million square feet, all assembled since November 2008.

TNP declined further comment on details of the sale and property, including its current occupancy rate, citing the sensitive nature of the ongoing closing process.

The purchase price appears to be “;pretty good for the property,”; said real estate consultant Stephany Sofos. She said the new company's challenge would be catering to the Leeward neighborhood, which is rural and houses many lower-income families.

“;It's a community in transition,”; Sofos said.

The area is ripe for success, thanks to the Walt Disney Co.'s upcoming Ko Olina resort, Aulani. The 21-acre property is scheduled to open in fall 2011.

“;The Disney resort will pull people from the neighboring communities to do work,”; Sofos said. “;There'll be new jobs for a lot of people there, which means you'll have some added income, which means more shoppers.”;