completes Excel Trust's larger deal.
SCOTTSDALE, AZ -Lucescu Realty has sold the class A office property, Promenade Corporate Center, for $56 million. The transaction marks the second half of a larger deal involving the Scottsdale Promenade here, for a total consideration of $166 million, according to a recent company release. The seller was a local, private investor represented by Lucescu, who also procured the buyer Excel Trust, a publicly-traded REIT.
The office space in question is comprised of four class A buildings that cover 256,176 square feet and a three-level, 800-space parking structure. The property spans four acres and encompasses one million square feet in total. During the third quarter of 2011, the retail portion of the package was purchased for $110 million again by Excel Trust of San Diego. The Scottsdale Promenade – the other component of the total sale – is a one-million-square-foot mixed-use project, says the same statement. It incorporates large box retailers, specialty boutiques, restaurants, and Class A office properties. Within this, the retail property contains 730,000 square feet of GLA, which is anchored by stores including Lowe’s Home Improvement, the Great Indoors, Nordstrom Rack, Office Max, PetSmart and Old Navy.
Excel Trust took on management responsibilities for the entire project when it purchased the Scottsdale Promenade. Of the deal finalization, Mark Lucescu, president of Lucescu Realty, says in a statement, “Scottsdale Promenade will be a flagship property for Excel Trust. It is one of the most well-known properties in the Phoenix MSA and amongst the most successful mixed-use projects in the western United States.”
The Promenade Corporate Center was built in 1999 and is located at one of Scottsdale’s most prominent intersections, Scottsdale Road and Frank Lloyd Wright Boulevard, one mile south of Loop 101. According to a release, the project was inspired by Frank Lloyd Wright himself.