Stadium Center Shopping Center Sold to Excel Trust

MANTECA, CA-Lucescu Realty has closed on the sale of Stadium Center shopping center here. The 421,126-square-foot community shopping center brought $41.15 million.Stadium Center was developed by Kitchell Development Company, headquartered in Phoenix, an owner, operator, and developer of dominant neighborhood and community shopping centers. Lucescu Realty represented the interests of the seller, Kitchell Development Company, and procured the buyer, Excel Trust, a publicly-traded real estate investment trust, located in San Diego.

The property is anchored by Costco, Kohl’s, Ross Dress for Less, OfficeMax, Old Navy and Jo-Ann Fabrics. The Costco and Kohl’s, which occupied approximately 154,000 square feet and 88,800 square feet respectively, were both tenant-owned and not a part of the sale. The tenant roster also includes Dress Barn, Famous Footwear, rue 21, Justice, Round Table Pizza, Verizon Wireless, Starbucks, GameStop, Jamba Juice, Subway and Supercuts. Also included in the sale were four graded, land parcels entitled for 17,600 square feet of additional GLA. “It’s an institutional quality piece of real estate, built by one of the premier real estate investment and development companies in the western U.S.,” noted Mark Lucescu, president. “For more than six decades, Kitchell has been building centers of the highest quality and this property is no exception,” Lucescu further commented. “Kitchell did a great job assembling the land and lining these tenants up, and built a great center. Excel should do well with this acquisition as they continue their pursuit of high quality commercial real estate assets throughout the Central  Valley.”