Substantial Acquisitions Show Commercial RE Owners Gaining Confidence

TNP Strategic Retail Trust, Inc. recently announced its acquisition of San Jacinto Esplanade in San Jacinto, Calif. San Jacinto Esplanade is a 56,473-square-foot multitenant retail center built in 2007 and is located on 11.54 acres including over 30,000 square feet of vacant pad sites. It’s approximately 52 percent leased, with major tenants that include Fresh&Easy, Jack in the Box, and Starbucks. Tenants have staggered leases, with expiration dates ranging from 2012 to 2027.

Meanwhile, Agree Realty Corporation recently announced its acquisition of retail property net leased to CVS/Caremark Corporation, located in Lake in the Hills, Ill., for approximately $5,800,000. CVS still has approximately 24 years remaining on the base terms of the lease.

Agree Realty engages in the ownership of, management, and development of single tenant properties leased to major retail tenants and neighborhood community shopping centers. Its portfolio consists of 75 properties in 15 states and 3.5 million square feet of leasable space.