Excel Trust Finishes $166M Mixed-Use 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.