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Excel Trust Buys $110M Arizona Mall

Excel Trust has acquired The Promenade in Arizona for around $110 million.

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.

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