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Oct. 29, 2012

Excel Trust Pays $161M for Retail and M-F space at West Broad Village

By Adrian Maties, Associate Editor

In a $161 million deal, San Diego-based Excel Trust Inc. has acquired West Broad Village in Richmond. Excel also acquired five retail centers in Orlando from Unicorp National Development for a total investment of $263 million, Virginia Business reports

Excel bought approximately 386,000 square feet of retail and commercial space at the  mixed-use development on West Broad St., which Unicorp developed in 2008.

In addition, Excel purchased the Flats at West Broad Village, a 339-unit apartment complex.  Not included in the sale were several other assets , including town houses, an Aloft hotel or the ACAC Fitness & Wellness Center that is now under construction.

According to Excel, the retail portion of the property is approximately 80% leased. Major tenants include Whole Foods, HomeGoods, REI, Wells Fargo, First Market Bank, Dave & Busters, Mimi’s Cafe, Kona Grill and Bonefish Grill. Excel also said the apartments are 98% leased.

The five retail centers in central Florida are all approximately 96% leased and comprise about 319,264 square feet. They include such major tenants as Walgreen’s, CVS, Fifth Third, Regions Bank, Fleming’s, Cantina Laredo, Big Fin Seafood Restaurant, Jos. A Bank, and Ruth’s Chris Steakhouse.

Since its initial public offering two years ago, Excel has acquired assets valued at about $1.1 billion, reported Gary Sabin, the company’s chairman and  CEO.

It’s been a busy week for the Richmond retail market. In a $68 million deal, The Shops at White Oak Village has been acquired by Phoenix-based Cole Real Estate Investments.


Photo credits: www.westbroadvillage.com.