Excel Trust has acquired The Promenade inArizona for around $110 million. The San Diego-based real estate investment trust has also taken over the existing mortgage of about $52.2 million, which is scheduled to mature in 2015.
The shopping mall, which is 97% leased, is anchored by NordstromRack, TraderJoe’s, OfficeMax, PetSmart and OldNavy. California-based Lucescu Realty represented the seller, adds GlobeSt.
Click here for the release from Business Wire.
Click here for additional coverage from GlobeSt.