SCOTTSDALE, AZ-The retail portion of one of the area’s largest mixed-use projects, The Promenade, has traded hands. Excel Trust Inc. acquired the 729,921-square-foot property (of which 433,533 square feet is owned) for $110 million.

The San Diego-based REIT bought the power center in an off-market transaction. The seller was a local investor. Lucescu Realty of Newport Beach, CA, facilitated the sale, which is one of the largest deals to close this year in the state.

The Promenade is Excel’s first acquisition in the Phoenix area, according to Mark Lucescu, president of Lucescu Realty. “They’ve identified Phoenix as a market that has bottomed and they want to be on the front-end of the recovery,” he tells GlobeSt.com. “They felt the timing was right.”