Excel Trust Inc. has purchased an Arizona shopping center for approximately $41.8 million, the San Diego-based real estate investment trust announced May 21.
A company statement said the acquisition of Lake Pleasant Pavilion in Peoria, Ariz., was finalized on May 16. The suburban Phoenix retail center, with anchor tenants including SuperTarget, Marshalls and Bed Bath & Beyond, has estimated annual net operating income of $3.1 million.
The center was built in 2007 and 2008 and sold by Kornwasser Shopping Center Properties, a private development firm with headquarters in Los Angeles. According to a separate statement from Lucescu Realty, which represented the seller, the deal for the 373,016-square-foot, 45-acre retail center did not include the SuperTarget building, which is owned by the tenant.
This is Excel’s second recent acquisition in the Phoenix area, following its purchase of a Scottsdale property earlier this year for approximately $166 million, also brokered by Lucescu.
Excel Trust, with headquarters in Rancho Bernardo, is a publicly traded REIT focused on retail properties. It trades under the symbol EXL on the New York Stock Exchange.