(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
SAN DIEGO-Retail-focused locally based REIT Excel Trust Inc. has acquired six shopping centers for approximately $263 million. The acquisitions include West Broad Village in Richmond, VA, and a portfolio of five properties in Orlando, FL.
According to Gary Sabin, chairman and CEO of Excel, “We are excited about the quality and earnings potential of these assets. The demographics and tenant mix are exceptional and will further strengthen and diversify our portfolio.” Since the firm’s IPO in 2010, it has acquired approximately $1.1 billion of assets and is considering other opportunities in the near future.
West Broad Village is composed of approximately 385,897 square feet of retail and commercial space below an additional 339 apartment units. The retail portion is approximately 80% leased, with another 35,000 square feet entitled but not constructed. Major tenants include Whole Foods, HomeGoods, REI, Wells Fargo, First Market Bank, Dave & Busters, Mimi’s Caf
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
