A California-based real estate investment trust has contracted to buy the Waianae Mall in a deal that would give the West O'ahu neighborhood shopping center its second owner in five years if the deal closes.

TNP Strategic Retail Trust Inc. said it has agreed to buy the 170,275-square-foot retail center anchored by Longs Drugs for about $25.7 million, including the assumption of debt.

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 is a public company formed last August by Thompson National Properties LLC of Irvine, Calif., to invest in retail property primarily in the western states.

Thompson National was formed in early 2008 and has amassed a commercial real estate portfolio of 127 properties with about 17.2 million square feet of leasable space in 31 states.