REIT Buys Two Shopping Centers for $48.5MThursday, December 22, 2011
San Diego-based Excel Trust Inc., which invests in retail-related real estate, has purchased two shopping centers in Tennessee and Nevada for approximately $48.5 million.
The transactions bring the company’s 2011 acquisitions to more than $265 million, Chairman and CEO Gary Sabin said in a Dec. 20 company statement.
The latest deals include The Crossings of Spring Hill in Tennessee, a 496,604-square-foot center with anchors including SuperTarget and Kohl’s, which Excel acquired for approximately $31 million.
In Nevada, it purchased Anthem Highlands in Henderson, with 118,763 square feet and anchored by Albertsons and CVS Pharmacy, for $17.5 million.
Excel Trust, with headquarters in Rancho Bernardo, trades under the symbol EXL on the New York Stock Exchange.
— Lou Hirsh