Excel Trust Acquires Properties for $71.7 Million
June 30, 2010 09:10 PM Eastern Daylight Time
SAN DIEGO--(EON: Enhanced Online News)--Excel Trust, Inc. (NYSE: EXL), a retail focused real estate
investment trust (REIT), has acquired five additional properties for a combined asset value of $71,749,078 at an
approximate capitalization rate of 8.5% (excluding land for development in Rockwall, TX). Excel Trust has now
acquired a total of fifteen properties since its initial public offering on April 23, 2010. The following is a summary of
the most recent acquisitions.
Plaza at Rockwall – Rockwall, TX: This multi-tenant shopping center has approximately 334,027 square feet of
gross leasable area. Built in 2007, the property is anchored by J.C. Penney, Dick’s Sporting Goods, Staples, Best
Buy and Belk Department Store. Excel Trust also purchased a 12.7 acre land parcel adjacent to the property (Plaza
at Rockwall Phase II). Advanced lease negotiations with nationally-recognized retailers are currently underway for
Phase II. It is anticipated that construction will commence later this year when a majority of the space has been
leased. Rockwall, a suburb of Dallas, is the 2nd wealthiest county in Texas and was the 3rd fastest growing county in
the nation over the past decade according to the U.S. Census Bureau.
Lowe’s - Shippensburg, PA: The Lowe’s property has approximately 171,069 square feet of gross leasable area.
Built in 2009, the property is freestanding retail under a net lease and is adjacent to a non-owned Super Wal-Mart.
Lowe’s Companies, Inc. (S&P credit: A), together with its subsidiaries, operates approximately 1,710 home
improvement stores in the United States and Canada with annual sales in excess of $47 billion. The initial lease term
extends to 2031.
Walgreens – Beckley, WV: The Beckley, WV property has approximately 14,820 square feet of gross leasable
area. Built in 2008, the property is freestanding retail under a net lease to Walgreens. Walgreens (S&P credit: A+)
operate