San Diego-based investment firm Excel Trust Inc. has purchased a community shopping center in California’s Central Valley for $31.97 million.
The 404,721-square-foot property, Tracy Pavilion Shopping Center, is located in the city of Tracy in San Joaquin County, according to a statement from Lucesco Realty, which represented multiple selling entities including affiliates of Kornwasser Shopping Center Properties of Los Angeles.
This is Excel’s second Central Valley acquisition, following the real estate investment trust’s 2010 purchase of Park West Place in Stockton for $92.5 million. The Tracy center is anchored by tenants including Home Depot, WinCo and Staples.
Excel Trust is a retail-focused REIT that targets community and power centers, grocery-anchored centers and free-standing retail properties. It trades under the symbol EXL on the New York Stock Exchange.
— SDBJ Staff Report