TNP Strategic Retail Trust, a publicly registered non-traded Reit that invests in grocery and drug-store anchored retail properties, has acquired 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.

"San Jacinto Esplanade represents another value added real estate acquisition for the company's portfolio, with the potential to lease up the vacant space and increase the property net operating income going forward," says TNP Strategic Retail Trust chief financial officer Christopher Cameron. "Additionally, we believe this is a remarkable opportunity, with this acquisition representing a 64 per cent discount to the development cost."