The board of directors of TNP Strategic Retail Trust, a publicly registered non-traded Reit that invests in grocery and drug-store anchored retail properties, has authorised the company to pursue the acquisition of San Jacinto Esplanade in California.

San Jacinto Esplanade is a 56,473 square foot multi-tenant retail centre built in 2007 and located on 11.54 acres and includes over 30,000 square feet of vacant land pad sites.

The property is approximately 52 per cent leased. Major tenants include fresh&easy, Jack in the Box and Starbucks.

Tenants have staggered lease expirations that range from 2012 to 2027.

"We believe this latest potential acquisition for TNP Strategic Retail Trust has significant upside with the ability to lease up the vacant space and potentially sell the individual pad sites," says Thompson National Properties' director of acquisitions Charles Osbrink. "Additionally, we believe this is a remarkable opportunity, with this acquisition representing a 64 per cent discount to the development cost."
 
The acquisition is subject to various conditions to closing.