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Jun. 1, 2012

Excel Realty Buys Lake Pleasant Pavilion Shopping Center in Peoria for $42M

By Alex Girda, Associate Editor

Bringing its recent investments in the Phoenix area past the $200 million mark, Excel Trust Inc. paid $41.8 million for Lake Pleasant Pavilion Shopping Center in Peoria. National brands represented at the 373,000-square-foot property include Marshalls, Bed Bath and Beyond, Tilly’s, Kirland’s. SuperTarget, a 185,000-square-foot store owned by Target Inc., was  not part of the transaction. All told, the five-year-old center is about 86 percent leased.

The seller, Kornwasser Shopping Center Properties L.L.C. of Los Angeles, intends to apply proceeds of the deal toward additional investments in Phoenix and Salt Lake City, according to Newport Beach, Calif-based Lucescu Realty, which arranged the transaction.

The Lake Pleasant deal follows Excel Trust’s two-phase, $166 million acquisition of Scottsdale Promenade, a 1 million-square foot mixed-use property. In January the company completed the second part of the deal, the purchase of two four-story Class A office buildings totaling 256,000 square feet.

During the third quarter last year, Excel bought Scottsdale Promenade’s retail portion, a 730,000-square-foot power center, for $110 million. Like the Lake Pleasant sale, the Scottsdale Promenade transaction was arranged by Lucescu Realty.

In other Phoenix-area deals, Denver-based West Town Court LLC sold the 274-unit multifamily complex at 8400 W. Virginia Avenue to ROC II AZ West Town LLC of Utah. The property traded for $21.6 million.

 

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