Excel Trust, a publicly traded real estate investment trust based in San Diego, CA, has acquired Promenade Corporate Center for $56 million, or about $222 per square foot, from Pacific Companies.
The transaction is the second, and final, part of the larger acquisition of Scottsdale Promenade in Scottsdale, AZ for a total consideration of $166 million. The initial sale took place in July 2011 when Excel took the retail portion for $110 million.
Scottsdale Promenade is a 1 million-square-foot, mixed-use project in the Phoenix MSA combining big-box retailers, specialty boutiques, restaurants and class A
office space. The retail portion included a 730,000-square-foot power center anchored by Lowe's, Nordstrom Rack, Office Max, PetSmart, Old Navy, Michaels, Pier One Imports, SteinMart and a Trader Joe's. The Frank Lloyd Wright-inspired project was built in 1999 on 84 acres at one of Scottsdale's most prominent intersections of Scottsdale Road and Frank Lloyd Wright Blvd., one mile south of Loop 101.
The office component that closed this week consists of two four-story, class A office buildings totaling 433,018 square feet and a three-level, 800-space parking structure. The buyer had already taken over management of the entire project when it acquired the retail portion. The REIT is expected to hold the property as a long-term investment.
Mark Lucescu, president of Lucescu Realty, represented the seller, and procured the buyer in both transactions.
Please see CoStar COMPS #2247666 for additional information on this transaction, and #2142207 for the previous one.